pounds to dollars

Pounds to Dollars Forex Chart 2 Aug 2010

The pounds to dollars pair continues to rise from the ashes with Friday’s wide spread up candle using the 200 day moving average as a springboard to bounce higher and ending the week fractionally below USD1.5700.  As such this has further confirmed the bullish momentum clearly self evident for cable at present and last week’s positive performance has propelled the pounds to dollars pair past the USD1.58 level in this morning’s London forex trading session as it now begins to approach the psychological USD1.6000 price point.  With all three short term moving averages now pointing sharply higher and with the 9 day moving about to cross the 200 day moving average this will add further to the bullish momentum as the longer term trend develops taking the pair to re-test the underside of potential resistance at USD1.60 and beyond.

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Hope for UK economy energises sterling