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GBPUSD Outperforms Market

http://www.youtube.com/watch?v=QL7tUSkmfUM

The best performing currency pair as of June 01, 2010 is the GBPUSD coming from a low of 1.4258 and has made a strong reovery due to the expanded manufacturing figures in Britain. Although, on the technical stand point an exhaustion bar representing a doji candlestick has formed on a weekly basis that also ignited a buying convergence on the low price levels. Knowing that the previous low was at 1.4258 the risk would have been at a minimal level and well worth taking as the GBPUSD since the opening of the month has gone down to a low as 1000 pips providing a probable recovery on a daily basis between 150-250 pips which it has shown with this timely movement. these is above the recent Canadain rate hike and the ISM manufacturing index report which happens to be better than expected that should have given the USDX more fuel, but a corrective move after the report prevailed as investors and traders will be waiting for the NFP / Jobs figures before the end of this week of June 04, 2010

Meanwhile, the cross rate of the EURGBP confirms its downtrend heading to the 0.8140-50 trendline support in the near term. This would limit any possible recovery for the Euro on the high side otherwise supported with a USD corrective move lower.

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