Pound lost momentum, extends the fall

By IBTimes Staff Reporter | December 29 2009 6:52 PM

FXstreet.com (Buenos Aires) - GBP/USD Current price: 1.5903. Pair finally gave up after long consolidation stage around 1.6000 area, and broke under past week low of 1.5920, accelerating to test the 1.5860 area. Now range bound, hourly charts show pair still with a strong downside momentum, supported by 20 SMA bearish slope.

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Still a bit overextended; upside corrective movements will find resistance at the mentioned 1.5920 and above 1.5965 zone, yet not much further as bigger time frames support also the bearish bias, said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.5865 1.5810 1.5750. Resistance levels: 1.5920 1.5965 1.6000.

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