pounds to dollars

GBP USD Forex Chart 7 July 2010

Cable continued to limp towards the USD1.52 price point but fell back exhausted as the pair begins to run into potential resistance at this level and above, closing the day as a narrow spread up candle but with a small to the upper body.  Yesterday’s pullback aligns neatly with that of last Friday where both trading sessions failed to break above the USD1.5227 price which signals the start of the resistance outlined above.  This in itself could be an indication that the recent drift higher is now beginning to run out of steam, although yesterday’s low was fully supported by the 9 day moving average which runs counter to this analysis. As such with such thin trading volumes price action seems destined to continue sideways in this price area and should the price outlined above be tested again, but subsequently fail, then this will add additional confirmation that the present push higher is coming to an end.

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