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GBP/USD plunges on EU summit low expectations

By FXstreet.com,  June 28, 2012, 04:28:00 AM EDT

FXstreet.com (Barcelona) - A German source said the EU summit would produce no detailed decisions, which is triggering a sharp safe haven run towards the greenback and Yen.

The plunging of the GBP/USD has reached as low as 1.5527, but UK data (current account, GDP and total business investment) are helping the bounce to 1.5555 area.

"The unsuccessful test of the intraday resistance level of 1.5650 and the bearish engulfment realized on a daily basis on Wednesday both suggest further bearishness for GBP/USD towards 1.5400", wrote Deltastock.com analyst Stoyan Mihaylov.




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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