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FXstreet.com (Crdoba) - Greenback is rising further against European currencies. GBP/USD is testing levels below 1.5900. The pair recently fell to 1.5885, reaching a fresh intra-day low. Currently is hovering around 1.5900, 0.45% below today's opening price.
The Pound failed earlier to hold above 1.6000 and weakened plunging more than 170 pips form the highs to current levels.
According to Michael J. Malpede, analyst at Easy Forex, "the technical outlook for GBP is negative as GBP trades below 1.5900. Expect near-term support at 1.5708 the October 13th low with resistance at 1.6180 the January 29th high".
Forex: GBP/USD falls below 1.5900
Posted 2/3/2010 2:32 PM ET by from FXstreet.com
The Pound failed earlier to hold above 1.6000 and weakened plunging more than 170 pips form the highs to current levels.
According to Michael J. Malpede, analyst at Easy Forex, "the technical outlook for GBP is negative as GBP trades below 1.5900. Expect near-term support at 1.5708 the October 13th low with resistance at 1.6180 the January 29th high".
