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Forex: GBP/USD resumes fall to 1.5537

By FXstreet.com,  January 05, 2012, 06:19:00 AM EDT

FXstreet.com (Barcelona) - The GBP/USD has been plummeting since 1.5628 high ahead of UK services PMI data, that rose above consensus (54.0 versus 51.5). Nevertheless, selling pressure remained ahead of France's debt sale results. The pair was held around the 100 and 200 hourly MAs for a while, and mixed sovereign auction figures pushed the GBP/USD further down.

Analysts prospect the Pound to be treated as a safe haven currency for the European investors while Eurozone debt crisis hovers in the markets, but the British currency is still affected by global negative sentiment toward Europe. Meanwhile, the EUR/GBP prints new 15-month lows.

FX Market Report analyst Gavin Grier-Rees points to technical areas: "Resistance is from 1.5625‐50 whilst the downside target is at 1.5475, the 2012 lows so far from Monday".




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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