Home » Pounds To Dollars Daily Chart » Pounds to Dollars Forex Forecast 20 July 2010

Pounds to Dollars Forex Forecast 20 July 2010

pounds to dollars

Pounds to Dollars Chart 20 July 2010

The failure of cable to breach the USD1.5472 price point both on Thursday and Friday last week now appears to be gaining increasingly significance as a potential turning point from the recent rally of early May.  Yesterday’s narrow spread down bar further confirmed this potential signal with this morning’s price action in the London forex trading session reinforcing this view once again with an attempt to rally promptly quashed and the pair trading below both the 9 and 14 day moving averages at the time of writing.  The price area outlined above was the same as that which prompted a reversal lower in mid April sending the pair sharply down and eventually reaching a low of USD1.4227.  For this reversal to be confirmed we need to see a break and hold below USD1.4873 which will also coincide with penetration and a breach of the 40 day moving average.  Should these factors combine then expect to see cable pull back sharply and a re-test of USD1.4237 would then be increasingly likely.

What is one of the best retail forex trading platforms?  In my view it is Metatrader 4.  Advanced, powerful & intuitive it now comes with ECN execution, so you can happily scalp away without broker or dealer intervention.  Just download your free demo copy of MT4 by following this link – download metatrader free –  and get started today.  Don’t forget to follow my daily posts for updates and analysis of the forex markets to help you with your forex trading – so good luck and good trading.

Sterling falls on wider than expected budget deficit