March 15, 2010 4:19 AM
Sterling breaking to downside
By fxdd
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0Since Friday's move up from 1.5050 to 1.5217 Gbp/Usd has been trading sideways. It appears the pair might be ready to retrace this move. It has recently broke below the 38.2% Fibo at 1.5153 and is currently flirting with the 50% Fibo at 1.5133. The 61.8% Fibo should be a more formidable obstacle at 1.5114. If the pair can gain enough momentum and break below , it will then have 1.5050 in its sights. If it holds a move back to 1.5150-55 is likely.
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