Friday, June 5, 2009

GBP/USD Trade Update for 260509

British Pound; the slowest currency to strengthen against the USD for the past month or two has finally exited the major bearish trend of 2008. Here the minor support for the price is the channel support itself and the major support is the almost horizontal blue trend line (Not at all convincing with regards to USD's current lameness). By having the price decline down to 1.52ish then the chart will start showing a possible move towards the USD.

Better performance of the Nationwide HPI on Wednesday and the CBI Realized Sales news on Thursday will assist the GBP to continue its ascend. At the current state of the GBP/USD, a majority of good fundamental news results for the USD could have the price challenge at least the minor support of the GBP. Overall; on day to day terms, the current consensus is a GBP bias.

Disclaimer: Trading in the FOREX market & other forms of investments involves risk. This information should not AT ALL be viewed as investment recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.

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