Forex: GBP/USD: Pound plunges below 1.6100 and hits a fresh 2-month low

 @ibtimes
on December 18 2009 10:58 AM

FXstreet.com (Córdoba) - The Dollar gained strength in the last hour and is rising across the board. GBP/USD broke below 1.6150 and fell sharply to 1.6077, reaching a fresh 2-month low. In the last hour the pair has fallen a hundred pips. The Pound is falling for the third consecutive week against the Dollar.

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.

.

Share this article