GBPUSD – Dollar Weakens and Pound Strengthens
The dollar was under selling pressure and declined further to the lowest level against the Euro, Pound and Yen. Against the Euro it is it declines to the lowest since January.
The weakening of the Dollar started in March after the Federal Reserve announced its plan to buy up to $300 billion in Treasuries and continue to slide further as reported in Bloomberg: Dollar Weakens.
The Pound further strengthens against the Dollar. GBPUSD was traded at $1.5790, the highest level since Dec. 2008. The gain of strength of the Pound was reported in the Pound Strengthens.
Short Term Market Outlook – GBPUSD
For the short term the signal is to BUY GBPUSD.
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