Pound Sterling Exchange Rate PM: GBP in favour vs USD as technical momentum changes
- Details
- Category: Exchange Rates
- Published on Monday, 26 November 2012 14:48
- Written by Sam Coventry
The pound dollar exchange rate is a mere 0.08 pct in the red in afternoon trade in London at 1.60163.
The pound euro exchange rate is 0.03 pct down at 1.2355.
The pound Australian dollar pairing is unchanged at 1.5330.
Sterling was boosted against the US currency as, "most technicals have shifted from USD buy to sell signals. News flow has been limited with the market waiting for details of a rumoured deal on Greece and limited reaction to the results of the Catalonia election," says Camilla Sutton at Scotiabank.
C Dichio, analyst at Investors Intelligence confirms the tide is moving against the US dollar (Currency:USD):
"The correction from overbought by the US Dollar Trade Weighted Index gathered speed on Friday. This action corresponded to the continuing recovery rally by stock markets, which removes bullish interest away from the 'safe-haven' US Dollar."
Trading Central have backed further gains for the pound sterling against the dollar: "Long positions above 1.5975 with targets @ 1.605 & 1.608 in extension."
Concerning the euro to pound exchange rate, "long positions above 0.807 with targets at 0.811 & 0.813 in extension," suggests a currency call from Trading Central.
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