Forex: GBP/USD: Pound, vulnerable; 1.6200 increasingly exposed - Commerzbank

03 November 2009 @ 03:42 am EDT

FXstreet.com (Barcelona) - The Pound has given away about 120 pips during Asian session dropping from 1.6420 high to find support at 1.6300, and according to Karen Jones, technical analyst at Commerzbank, looking vulnerable, and with 1.6200 support increasingly exposed.

Failure on breaking resistance area at 1.6675/1.6740 has triggered bearish pressure, according to Jones, taking the Pound to current levels: "Sterling is looking vulnerable. GBP/USD has proved unable to tackle the 1.6675/1.6745 resistance and support at 1.6200 looks increasing exposed."

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