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Forex: GBP/USD falls to 1.6230/40

By FXstreet.com,  September 19, 2012, 05:25:00 AM EDT

FXstreet.com (Barcelona) - The GBP/USD gave in to the London selling pressure and came off its highs at 1.6270, plunging by almost 40 pips as the BoE minutes sounded somewhat dovish: one board member was up for more QE in September.

Pressuring the market is the report that German ruling coalition lawmakers plan to propose to parliament that the ECB should only supervise systemically relevant or cross-border banks.
The pair was +0.15% higher on the day and has fully retraced them to trade at 1.6230/40 range now.

After yesterday's inside day, with resistance at 1.6298, Commerzbank analysts look for a near term slip lower. "Initial support lies at 1.6088 (minor Fibo) however key support remains the 1.5957 accelerated uptrend", wrote analyst Karen Jones.




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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