dollars to pounds

Pounds to Dollars Forex Chart 30 July 2010

The upwards trend for cable continued yesterday but with a muted tone as the pounds to dollars pair ended the forex trading session with a small doji cross candle suggesting that the market is taking a breather at this level before continuing on its upwards path once again.  Wednesday’s price candle broke above the 200 day moving average, a significant event, and one which has now established a firm technical picture for the pounds to dollars pair as a result.  This morning’s price action has reflected this weariness with an attempt to rise having failed at USD1.5662, interestingly the identical level to yesterday’s high which again may indicate a short term top.  The 200 day moving average should now provide the technical platform for the continuation of a move higher with the pair looking set to re-test USD1.60 in due course.

All the fundamental news for the pounds to dollars pair can now be found on my main forex trading site.

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