dollars to pounds

Pounds to Dollars Chart 4 Aug 2010

The pounds to dollars pair ended yesterday’s forex trading session as a narrow spread up candle which failed to breach the psychological USD1.60 level, falling short at USD1.5964 and to close marginally lower.  Following the recent sharp rise in the pair we can expect to see a short term pullback, particularly as we are now running into the underside of deep price congestion which extends from USD1.60 almost all the way to USD1.69 and as such may present an impenetrable barrier to further progress for the pair.  Beneath, however, the moving averages are still adding their considerable support to the present price action, with the 9 day having crossed the 200 day along with the 14 day which crossed over yesterday suggesting that the bullish momentum remains intact.  With a strong platform of support now in place at USD1.55 and all three short term moving averages below any minor pullback should find support at these levels.

All this week’s fundamental news for the pounds to dollars pair is now covered on my main forex trading site.

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Sterling: up but still down