dollars to pounds

Dollars to Pounds 28 July 2010

The pounds to dollars pair continued its bullish momentum yesterday, ending with a strong trading signal as the session closed above the 200 day moving average at just below USD1.56.  This has further confirmed the bullish momentum for cable, further reinforced by the break above the recent price congestion at USD1.5523 which now provides now a solid platform support for a continuation of a move higher as the pair now runs into further resistance at the current level and USD1.5815.  A break here could see a re-test of the psychological USD1.60 level and from there to re-test the highs of USD1.6458 in due course.  All three short term moving averages continue to provide strong support to the rally and with the break above the 200 day moving average now complete the longer term trend has now been established.

All the fundamental news for the pounds to dollars pair can be found on the main forex trading site.

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 at 5 month high vs. USD