Hi there traders this is Steve Miley the market charters on behalf of forextraders.com and in this article and this video we’re going to take a look at the Pound versus the US dollar – the Pound versus the US spot FX rate.
Well [in here] a more uncertain, indecisive tone in here over the past week. A slightly more positively although erratic theme over the past 24 hour – the market popping higher. We have had now a likelihood of a general election in the UK; likely on the 12th of December and the market reacting kind of hesitantly to that. Initially a push higher and then a set back in here. But a slightly shifting tone in here, a base building and more positive tone over the last few days and we do see upside risk and upside pressures to challenge 1.2905 and 1.2950 going into today. Maybe, going through this week, as high as 1.3013.
On the downside only through 1.2805 / 1.2787 signals a more negative tone. Remember we also had the dollar in the equation in here, it’s not just the pound – Pound versus the dollar – and we do have the US federal reserve meeting – their interest rate decision later today – so we’re going to be focusing on that too.
Have a great trading day and don’t forget to follow us on our YouTube channel and I’ll be back with you soon.