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GBP USD Forex Trading Chart 2 July 2010

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GBP USD Forex Chart 2 July 2010

Cable continues to push higher with yesterday’s wide spread up candle adding considerable momentum to the bullish trend which has now been firmly established as a result.  Yesterday’s low found strong support from the 14 day moving average with the close of the day finishing well above the minor top created in trading during the early part of the week.  With this bullish move continuing through this morning’s London session the markets now wait for the non farm payroll data but with deep price congestion now ahead in the US1.5235 to USD1.5523 any move higher will require continued momentum in order to extend the bullish rally further.  With the non farm payroll expected to come in far worse than expected and traditional market correlations and relationships faltering coupled with thin trading volumes expect to see some highly volatile and erratic price action.

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USD stabalises ahead of nfp