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19 Feb 2013
Forex: GBP/USD breaks down 1.5435 towards fresh 7-month lows
The Sterling is trading lower today against the US Dollar and following a 60 pips decline in the latest hour from 1.5485, the GBP/USD has broken down the 1.5435 support to reach a fresh lowest level since July 13th at 1.5425.
Currently the GBP/USD is trading at 1.5427, 0.25% below opening price action. "Reaching yet another monthly low and maintaining the bearish momemtum, the GBP/USD broke below former support around 1.5440, accelerating now towards 1.5400, immediate support," comments FXstreet.com analyst Valeria Bednarik. "While further losses should remain limited today, a daily close below 1.5400 should confirm further slides, with 1.5260 area now at sight."
Resistances in the short term are located at the mentioned 1.5440, followed by the 1.5480/1.5510 area, and approaches to this last should be consider selling opportunities.
Currently the GBP/USD is trading at 1.5427, 0.25% below opening price action. "Reaching yet another monthly low and maintaining the bearish momemtum, the GBP/USD broke below former support around 1.5440, accelerating now towards 1.5400, immediate support," comments FXstreet.com analyst Valeria Bednarik. "While further losses should remain limited today, a daily close below 1.5400 should confirm further slides, with 1.5260 area now at sight."
Resistances in the short term are located at the mentioned 1.5440, followed by the 1.5480/1.5510 area, and approaches to this last should be consider selling opportunities.