Pound Versus Dollar and Franc August 4th

FX Strategy Video > Currency Pairs Analysis

The GBP/USD pair shot straight up on Wednesday, confirming the bullish hammer on Tuesday. The pair is just under the 1.65 area, which should serve as a form of resistance. The pair could be bullish, but we only feel comfortable once a daily close above 1.65 happens. Until then, we expect choppy trading conditions.

GBP/CHF shot up as well, but mainly because the Swiss National Bank decided to cut rates in order to make the Franc a little less attractive to traders. The bounce was short-lived though, as traders began to short this pair again after the surprise move. This shows exactly how weak this pair really is. We are still happy with selling rallies.

Published on 3rd of August 2011
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