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GBP/USD resumes downside, at 3-week lows

By FXstreet.com,  July 06, 2012, 12:15:00 PM EDT

FXstreet.com (Córdoba) - Following a short-lived upward correction, the pound resumed its decline against the greenback, breaking below last week's lows at the 1.5485 area, to hit its lowest level in nearly a month as the dollar continues to appreciate across the board in the wake of the US jobs report.

GBP/USD fell as low as 1.5470, last seen Jun 12, before decelerating the fall. At time of writing, the cable is quoting at the 1.5480 area, recording a 0.3% loss since opening.

From a technical view, Slobodan Drvenica, analyst at Windsor Brokers Ltd. notes that the pair holds a negative tone and a break below 1.5470/61, 3-week range floor / Fib 61.8%, would accelerate losses towards 1.5400 zone. "Only lift above 1.5600/20 would revive bulls", he added.




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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