Yesterday’s wide spread up candle continued into the evening session and we are now looking to retest the 0.95 region and above, with all three moving averages pointing to a move higher.  As suggested in yesterday’s post a break above this region could see a retest of the previous high of around 0.98.  The strategy for today is to buy anywhere around 0.94 region or above with a stop loss below 0.9225  We will looking closely at the weekly close for further confirmation of the medium and long term direction for this pair.  The only $undamental news out later today is a speech by Prime Minister Gordon Brown’s very own glove puppet aka the Chancellor of the Exchequer, Alistair Darling.  So far most of his pronouncements have contributed to a further weakening of the British Pound of the British Pound.

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