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Currency Trading Majors Pairs
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GBP/USD Daily Chart
Fri, Jul 3 2009, 12:39 GMT
by Anna Coulling
The pounds to dollars pair was another beneficiary of the currency majors for the Dollar strength which came on the back of a sell off in the equity markets following the worse than expected NFP data in the US. Yesterday's candle ended the trading session as a wide spread down bar closing below both the 9 and 14 day moving averages but still retaining a degree of clear water above the 40 day. In many ways yesterday's candle has validated the extremely bearish "shooting star" seen on Tuesday which introduced a classic bearish indicator to the otherwise sideways consolidation. For this pattern to be fully confirmed we now need to see a break and hold below the strong support now in place in the 1.59 price region, but given the thin trading volumes it seems unlikely that anything much will happen before next week. It is interesting to note in trading today that the high of session so far has found the 9 and 14 day bunched moving averages a barrier to any reversal higher with the current rate trading at USD1.6310.
Published on Fri, Jul 3 2009, 12:40 GMT
Archive
- Forex Analysis GBP/USD
Published On Wed, Sep 16 2009, 08:30 GMT - Forex Analysis Euro vs Dollar
Published On Wed, Sep 16 2009, 08:05 GMT - Fundamental Forex News for Euro to Dollar
Published On Tue, Sep 15 2009, 08:38 GMT - USD Index
Published On Tue, Sep 15 2009, 07:40 GMT - Yen To Dollar Weekly Chart
Published On Mon, Sep 14 2009, 17:36 GMT
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