Forex: GBP/USD falls further to test 1.6050, fresh 2-month low

By IBTimes Staff Reporter | December 18 2009 12:23 PM

FXstreet.com (Barcelona) - The Sterling collapse against the Greenback has extended below 1.6100 level to hit 1.6050 as fresh 2-month low. Currently the GBP/USD is trading around 1.6070/80, 0.40% below today's opening price action at 1.6155.

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According to Valeria Bednarik, collaborator at FXstreet.com the Pound has completed the pullback to the 1.6250 area. She affirms: (GBP/USD) is back under 1.6200. Crossing 20 SMA upside down in the hourly chart, and with indicators supporting the bias, an acceleration under 1.6160 should send the pair to test the 1.6110/20 area. Under this one, next level is the 1.6080 zone; a break of this last, weekly low, will likely accelerate even further selling, and send the pair to the 1.6030 area.

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