pounds to dollars

pounds to dollars

Despite yesterday’s minor pullback for the pound to dollar pair cable continues to defy expectations as it struggles higher in a long, slow gradual uptrend.  Yesterday’s price action, whilst restrained, once again featured the 9 day moving average which provided support to a test of the down side and held firm, again confirming the bullish sentiment which has been evident for the last 6 weeks.  With both the 9 and 14 day moving averages now providing solid support, expect to see a continuation of this rally which may run into difficulties between the USD1.52 and US1.54 price congestion, followed thereafter by the 200 day moving average at USD1.56.  Any, or all of these, could bring the rally to an abrupt end.  However, sterling bulls will be cheered to learn that according to recent CFTC data financial betting against the pound has fallen sharply since the UK’s emergency budget statement with many speculators and hedge funds closing out their short positions which have fallen by over 10k contracts.

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