by Fri, 11 Jun 2010 15:22:00 +0200
Forex: GBP/USD extends decline and falls to 1.4530
FXstreet.com (Córdoba) – Cable extended its decline across the board after the release of US retail sales data that showed the first monthly decline since September. GBP/USD fell more than a hundred pips in the last hour and tumbled to 1.4533, new daily low.
The pair has accumulated a decline of 200 pips from the highs of the day trimming weekly gains.
“Technically the GBP USD has been taking on a bullish tone following the formation of the secondary higher bottom at 1.4345. This current chart formation suggests that the main trend is gearing to turn up following a break out over 1.4769. Investors may be afraid to buy strength at this time leading to speculation that the market may test a 50% level at 1.4499 before moving higher”, James Hyerczyk, analyst at ForexHound.com, said.
| Technical Analysis (2010-06-11 13:18 GMT) | |
|---|---|
GBP/USD 1.45601/1.45644 - O: 1.45642 H: 1.45654 L: 1.4557 C: 1.45603 | |
| Trend | R3: 1.4659 |
 | R2: 1.4623 |
| R1: 1.4586 | |
| S1: 1.4475 | |
| S2: 1.4511 | |
| S3: 1.4547 | |
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