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GBP/USD plunges on BoE’s King speech

By FXstreet.com,  June 29, 2012, 05:54:00 AM EDT

FXstreet.com (Barcelona) - As the BoE says the UK financial stability has deteriorated with uncertainty and tighter credit conditions, Governor King called for a temporary raise of banking capital levels while wanting a change of culture and structure in UK banking.

After having reached as high as 1.5679, the GBP/USD has fallen down to 1.5574 session low and is still trading below 1.5600 level.

"Strong barrier at 1.5650, previous highs / main bear trendline off 1.6300, comes under pressure, with break here to open way for stronger recovery and possible attack at 1.5700 and 1.5745, 200 day MA and key short-term static barrier at 1.5776, 20 June peak", wrote Windsor Brokers analyst Slobodan Drvenica.




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

Referenced Stocks:



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