Forex: Pound collapses and falls below 1.6200

 @ibtimes
on August 26 2009 4:50 AM

FXstreet.com (Barcelona) - The Sterling has fallen further against the Greenback after the US opening bell on the back of better than expected US durable good orders. Last hour, GBP/USD has fallen around 125 pips to post a new 6-week low at 1.6161.

Pair is continuing with its decline from 1.6355, intra-day high in the Asian session, to trade currently 0.85% below opening price action at 1.6175/85.

According to the Kshitij Consultancy Service Team, once below 1.6270, the Pound could drop to 1.5950: Cable has strong medium term Support at 1.6260 and it has dipped during the day. This Support will have to be watched very closely. A significant break below this would make the pair bearish for 1.5950 over the next few days.

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