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GBP USD Violate Supports
By Humphrey Bo | July 6, 2009
LONDON: Is it all that began well ends well? If this is true, GBPUSD may yet have a lot to do to prove this statement today.
On Frankfurt open at 0600, the cable, GBPUSD rose mildly to 1.6326 from 1.6290 having traded lower from Friday’s session on Asian overnight trades. The sell-off soon turned catalysmic just as London open raising further doubts on sterling strength.
Cable Break Range
However, the blitz of selling on the pound traded down to 1.6094 in as little as just over two hours. The pair violated three support levels on its way down, triggering a new GBPUSD violated three support levels to 1.6099. Is this an end to the rise we’ve seen since the first week of May 2009 or there are still some more meats on the sterling bones?
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