Forex | Forex | Forex: GBP/USD falls below to 1.6600 (30/06/2009 11:02:00)

Forex: GBP/USD falls below to 1.6600

FXstreet.com (Barcelona) - The Pound has fallen further after the UK 1Q GDP worst than expected data and the pair has drop to levels below 1.6600, easing all of its previous gains. The pair has dropped from 1.6745, 8-month high, to post 1.6574 in the last minutes in a 200 pips decline movement. Currently the pair is trading around 1.6570/80.

Carol Harmer, analyst at Charmer Charts.com, affirms that cable finally has broken higher: "However pullbacks currently look limited to 1.6665 and buyers will be waiting in the wings for this level so they can re-enter the market. If however the sellers decide further downward moves look likely they will bust through this support, leaving 1.6621/00 then exposed. However buyers will once more be waiting at these lower levels and this support is expected to hold."


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