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The British pound’s rise

On Wednesday, October 21, 2009, the situation on the market developed very quickly. After the British Central Bank decided to leave the Interest rate without changes, EUR and GBP continued suppressing USD. GBP/USD moved up to 1.6500 and was rising more and more. With the beginning of the American session USD has reached new minimum levels because of the positive data, having come from the United States. Due to that EUR/USD has broken through the psychological level of 1.5000, GBP/USD rose higher than 1.6600 and USD/CHF fell down to 1.0050.

The publication of Fed\'s Beige Book in the USA made EUR/USD set the maximum of 1.5045, GBP/USD – 1.6635, USD/CHF – 1.0035. Due to the data from the book, the economics of the United States recovers very slowly, and the improvements are very little.

On Thursday, October 22, 2009, all Forex signals providers and traders are to take into consideration the news on Retail Sales coming from Britain. The predictions tell that the info will be positive and BGP will continue suppress its American rival. In that case GBP/USD might set at about 1.6750. But if the data is negative, the pair may fall to the support level of 1.6500.

At the same time EUR/USD may fall down. The breakout through the level of 1.5000 may be the sign for the investors to buy the American currency. At the moment the main support for EUR/USD is situated at 1.4900, but the price can reach it by the end of the trading day. At this rate all Forex signals providers are to pay attention to the following news: ECB Euro-Zone Current Account, Initial Jobless Claims and House Price Index from the United States.

by Jonathan Halprid
October 22, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 21, 2009 Is it a recovery?
October 20, 2009 Disaster for USD!
January 1, 1970 USD - falling down awfully!
 
 
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