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Home Forex Forex Trading Updates and Views Forex trading: GBP USD holds steady
Forex trading: GBP USD holds steady PDF Print E-mail
Written by Sam Coventry   
Tuesday, 29 June 2010 13:01
Sterling is currently riding the crest of a wave on the forex trading markets, back above $1.50 against the Dollar and creating a nineteen-month low on EUR GBP.


The Pound Dollar exchange rate is 0.364% lower with 1 GBP = 1.5053 USD at 1:15 PM in London.

"The GBP USD rate has turned around since the Election and hit the turbo button after the Emergency Budget. The 900-pip rise since mid-May has propelled the rising 21-day moving average up through the 50-day version; this move is supported by the Parabolic, MACD and an RSI of 63," reads a technical view on the forex trading market out of PaddyPowerTrader this afternoon.  

Since the daily focus on the European sovereign debt crisis has waned, there is renewed interest on the UK and in particular sterling.

The effect of the general election in April was undoubtedly overshadowed by the events in Continental Europe, so whatever view traders had on the UK, it was almost irrelevant given the impact of the crisis in Greece.

But on face value the coalition government seems to be working, a proactive emergency budget has been delivered, and as a result the UK looks in relatively good shape, with sterling strengthen substantially over the last two weeks on the forex trading markets.

Simon Brown, CEO, ProSpreads says:

"The GBP USD has rallied from 1.41 to over 1.50 today; and against the euro rallying from 1.15 to over 1.23 over the same period.

"ProSpreads clients have done well over the past few weeks being long of sterling and short the euro; also recognising that relative to the rest of Europe, the UK currency is not a bad bet."
Last Updated ( Tuesday, 29 June 2010 13:04 )