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Forex: GBP/USD down, sudden risk-off plunge

By FXstreet.com,  May 09, 2012, 05:07:00 AM EDT

FXstreet.com (Barcelona) - A sudden risk-off plunge has hit the FX market, strengthening the greenback against its riskier assets, although the JPY edges higher than the USD. The GBP/USD fell back to the daily lows at 1.6128, and is pressing for further decline.

Greece news are the main driver of the FX market today. PASOK's Venizelos is meeting Syriza's Tsipras to form a new government. Chances of failure are high and Venizelos is not interested in receiving a mandate in the case talks fail.

"Still in the consolidation pattern above 1.6115 low and the intraday bias is slightly positive for one more upswing to 1.6170 and even to 1.6200 major resistance", wrote Deltastock.com analyst, pointing to 1.6070 on the downside.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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