The FED has announced that It intends to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011. With the news out of the way, what is next for the US dollars?
The GBP recovered from a test of its 50 day moving average and it is now testing the 1.61 level. The phase chart for GBPUSD is clearly in “Bullish” mode and the momentum may help to push GBP higher against the USD.
The next resistance for the currency pair is at 1.64 and looking at the technical charts, we may soon get there.
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