Tue, 31 Aug 2010 08:26:00 +0200

Forex: GBP/USD retreats below 1.5440/50, hits 1.5420 low

FXstreet.com (Barcelona) - Pound's recovery from 1.5440 low on Friday, was rejected yesterday 1.5575 on Early European session, and the pair has been trading lower since, weighed on global economic concerns, droppi9ng back to 1.5450 area on Tuesday, to break lower ahead of the European session opening, reaching 1.5420 low so far.

On the downside, the pair might find support at 1.5420 (Daily Pivot Point S1), and below ere, 1.5375 (Aug 24 low) and 1.5295 (Daily Pivot Point S3). On the upside, resistance levels lie at 1.545/75 (session highs), and above here, 1.5510 (intra-day support Aug 30) and 1.5600 1.5600/20 (Aug 23/26 high).

GBP/JPY upmove from 3-month low at 128.75 was rejected on Monday at 133.60 high and the pair has been dropping sharply since, amid broad based Yen strength, breaking below 130.00, to hit 120.65 low ahead of Frankfurt opening.