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Pounds to Dollars Forex Trading Chart 26 July 2010

pounds to dollars

Friday’s wide spread up bar for the pounds to dollars pair injected further bullish momentum which has continued in today’s London forex trading session, as the pair creep above the psychological US1.55 price handle which marks the top of recent price congestion and as such should provide a solid platform for a continuation of the recent move.  The trend is firmly underpinned by both the 9 and 14 day moving averages and the only negative aspect in the short term remains the 200 day moving average which currently resides at USD1.55 and could present a barrier to the trend developing further.  However, with further US dollar weakness likely this week, as evidenced on the usd index chart, sterling should benefit as a result along with the commodity market, and as such we should expect to see the 200 day moving average breached providing further confirmation of the positive picture for sterling in the short term.

All the fundamental news for the pounds to dollars pair is covered on the main forex trading site.

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