Pounds to Dollars Chart 12 Nov 2009
Technically a very confusing picture for the pounds to dollars pair, with yesterday’s candle providing little in the way of any clear clues or signals as to the future direction for the pair in the medium term, and ending the currency trading session with a small doji cross candle which seemed to find some support from the 14 day moving average. Despite this however, the bearish candle pattern of the last few days with the hanging man confirmation, remain firmly in focus at present, and until the recent move higher is confirmed as a breakout, or is simply consigned to the ‘fakeout’ category, then we need to wait for the price action to unfold in the run to the end of the year.
With no fundamental news on the economic calendar for the UK today the market will look at the US where the most significant items are the Trade Balance numbers and the UoM Consumer Sentiment data. Details of both can be found on the main eurodollar site.
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Support & Resistance for Pounds to Dollars:
S1: 1.6525 R1: 1.6635
S2: 1.6465 R2: 1.6685
S3: 1.6415 R3: 1.6745
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