by Fri, 27 Aug 2010 16:38:00 +0200
Forex: GBP/USD slieds to session low below 1.5465 after US consumer confidence
FXstreet.com (Barcelona) - The Pound is gaining downside momentum as retreat from yesterday's high at 1.5600 extended 50 pips lower after the downward revision of of US Michigan Consumer Confidence Index, with the pair dipping below 1.5465 to a fresh session low at 1.5445.
On the downside, below 1.5465/80 (session low/intra-day level), the pair could find support at 1.5420 and then at 1.5370 (Aug 24 low). On the upside On the upside, immediate resistance lies at 1.5535/40 (session highs), and above here, 1.5600/20 (Aug 23/26 high) and 1.5675 (Aug 20 high).
US Michigan Consumer Sentiment Index has been revised down to a final reading of 68.9 in August from 69.6 estimated in the preliminary estimation. August final estimate, however, has improved July's 67.8 reading.
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