Forex: GBP/USD back below 1.6200

By IBTimes Staff Reporter | January 27 2010 9:32 AM

FXstreet.com (Córdoba) - The Pound weakened in the last hour against the Dollar after reaching at 1.6244 a fresh daily high. GPB/USD then tumbled more than 60 pips in a few minutes to 1.6180 so far.

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Currently the pair trades at 1.6181/85, 0.26% above today's opening price. The Pound is losing part of the gains achieved earlier after the start of the European session.

The series of inside moves the past three days is likely to make the March British Pound the most volatile market. For the past few days, this market has been establishing support inside a series of retracement levels. A strong breakout to the upside is likely to trigger a near-term rally to 1.6351, said James Hyerczyk, analyst at ForexHound.com. According to James a break to the downside would target 1.5890.

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