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Forex: GBP/USD is tanking, targets 1.5550

By FXstreet.com,  August 06, 2012, 04:39:00 AM EDT

FXstreet.com (Barcelona) - The sterling is quickly depreciating against the buck on Monday, losing ground rapidly from levels above 1.5600 to the actual proximities of 1.5550
Recall that the Halifax House Prices has contracted 0.6% MoM in July and 0.6% over the last twelve months.

According to I.Spivak, strategist at DailyFX, "Prices are pulling back from resistance at 1.5638, with sellers aiming to challenge trend line support set from June 1 high, squarely at the 1.55 figure. The barrier is reinforced by horizontal support at 1.5484
Abreak lower initially exposes 1.5392. Alternatively, a reversal through reistance aims to challenge 1.5769".

The decline has stopped at 1.5554 and the cross is now losing 0.27% at 1.5569 facing the next support at 1.5506 (low Aug.3) ahead of 1.5490 (low Aug.2) then 1.5458 (low Jul.26) and 1.5429 (Lower Bollinger).
On the upside, a break above 1.5666 (high Aug.6) would bring 1.5680 (high Aug.2) then 1.5691 (high Aug.1) and 1.5730 (high Jul.31).




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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