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Pounds To Dollars – February 6th 2009

Pounds To Dollars (GBP/USD) - Daily Candle Chart 6th February 2009

Yesterday saw another up bar, with the lowest price once again bouncing off the 9 day moving average, adding a little weight to the move. The problem of course as I have been saying for the last few days, is whether the resistance immediately above will be penetrated. If so, then we can expect to see the pound dollar trading higher to 1.5250, and then on to 1.5500 and above. The big news today is of course the Non Farm Payroll data out later in the US, so I would not expect any significant moves this morning, despite the release of Manufacturing Production data in the UK.

My suggestion for this morning is to do nothing, and to trade the news this afternoon – I have outlined the NFP figures and also the way I trade this data, which is a win or lose trade, over on the euro to dollar site! After today’s news we may have a better idea of the direction for the pounds to dollars pair for the next few days. Have a great weekend and good luck with your trading.