Dollar Pound Chart 6 Nov 2009
A surprisingly quiet end to last week’s trading on the pounds to dollars pair, as the NFP data failed to excite the currency markets in general, with Cable proving to be no exception, and ending the day and the week with a narrow spread up candle, which hovered below the key price level in the 1.67 region, and reinforcing once again the strong hammer candle of Tuesday which found some solid support from the 40 day moving average. With the 9 day now crossing above the 14 day once again, the above price level remains key, and only a break and hold above this potential resistance area will confirm that the recent bullish sentiment is likely to remain in place for the longer term. Any failure at this price level once again, will simply confirm the strength of this resistance area, and until we see a breakout above this level there is little more to say with regard to the pounds to dollars pair. Should the move stall at this level, then we will see a further period of sideways consolidation in due course as a result.
With no items of fundamental news on the economic calendar price action today’s price action will be technically driven and influenced by wider market concerns. You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links. I have also included details on an excellent ECN broker.
Support & Resistance for Cable:
S1: 1.6540 R1: 1.6657
S2: 1.6471 R2: 1.6705
S3: 1.6423 R3: 1.6774
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