GBPUSD: Sells Off, Eyes The 1.5911 level.
By Mohammed Isah | November 5, 2012 11:49 PM EST
GBPUSD: GBP continues to weaken following g through lower today on the back of its last week strong sell off. This development now leaves the pair aiming at its key support located at the 1.5911 level, its Oct 23’2012 low. A decisive break below here will push the pair further lower towards the 1.5850 level and subsequently the 1.5774/78 level where a respite may be seen. However, if this fails to happen expect GPB to weaken further towards the 1.5457 level. Alternatively, on any pullback, immediate resistance lies at 1.6005 level but in order for the pair to convince the market it has ended its short term weakness, it will have to return above the 1.6215 level. This if seen will open up further offensive towards the 1.6350 level. On the whole, GBP continues to face downside pressure with the risk of recapturing its key support at 1.5911 level.
Most Popular Slideshows
- Jeremy Lin, Kobe Bryant Among The Top 5 Overpaid Players In The NBA (Part 1 - Western Conference)
- Reasons Why Michael Jordan Is Better Than LeBron James [PHOTOS And VIDEO]
- Dwyane Wade, Joe Johnson, Amare Stoudemire Among Worst Contracts In The NBA (Part 2 - Eastern Conference)
- Brawl-Marred Game in NFL Week 3: Philadelphia Eagles 37, Washington Redskins 34 [PHOTOS]
Join the Conversation
- New Samsung Galaxy Note 4 and Galaxy S5 Android 5.0 L Killer Features, Encryption and More
- Nexus 6, 8 Release Date is Halloween 2014 as Android L Intro Set for October 16
- Moto G 2014 v Asus Zenfone 5 – Specification Comparison Shows Zenfone 5 Is A Good Alternative for Moto G
- Android 5.0 L Nexus 4, Nexus 5, Nexus 7 Release in October, Google Employees Offer Hint
- Nexus 8, Nexus 9 Release Date, Device Name And Price Conundrum: What To Expect?
- New Zealand Could Be Next ISIS Target After Australia Beheading Plot, Says Expert
- Microsoft Doubles OneDrive Space To 30GB Due To iOS 8 Update Issues