Pound Dollar Chart 11 March 2010

The British Pound remains firmly bearish but as with other forex pairs at present has entered a consolidating phase in the USD1.5000 price region.  Yesterday’s candle ended marginally lower but with a relatively deep shadow to the lower body suggesting a degree of bullish sentiment in the short term.  Indeed in the last 8 days this has been a feature of several of the recent daily candles indicating support for sterling in the USD1.48 and should this convert into a degree of positive momentum then expect to see the pair break higher in the short term, possibly to re-test USD1.52 or above.  However, this is only likely to be a short term recovery before the bearish trend continues once again with USD1.45 the next likely target.

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