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Forex: GBP/USD plunges to levels below 1.5700

By FXstreet.com,  August 11, 2010, 06:43:00 AM EDT

FXstreet.com (Barcelona) - Dollar and Yen are soaring this week as risk aversion increased, and Pound's retreat from 1.6000 high on Monday extended more than 300 pips lower, reaching prices below 1.5700 to print an intra-day low at 1.5665 so far.

On the downside, immediate support level could be at 1.5660 (Jul 29/30 high), and below here, 1.5540/50 (Jul 28/30 low) and 1.5470 (Jul 15 high). On the upside, the pair might find resistance at 1.5760/65 (Previous session lows), and above here, 1.5820 (Aug 5 low) and 1.5905 (Aug 10 high).

The pair has reached its first target at 1.5660, according to Stoyan Mihaylov, technical analyst at Deltastock.com, on its way to 1.5520: "The overall bias remains bearish and the pair is ready for a break below 1.5760, towards our first target at 1.5660, en route to 1.5520. Intraday resistance is seen at 1.5840."




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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