Forex | Forex | Forex: GBP/USD falls further to test 1.6520 (30/06/2009 13:13:00)

Forex: GBP/USD falls further to test 1.6520

FXstreet.com (Barcelona) - The GBP/USD rejection from 1.6745 has continued during the European session, and the pair has fallen around 225 pips to break 1.6580 support and post 1.6520 as fresh intra-day low. Currently the pair is trading around 1.6530/40, 0.25% below today's opening price.

The Mataf.net analyst team says that Cable is in consolidation mode: "GBP/USD is in a consolidation after the last bullish movement. The volatility decreases. Bollinger bands are tightened. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bullish configuration. The consolidation should continue. The price should find a support above 1,6500 (82 pips). Resistances: 1,6660 - 1,6735. Supports: 1,6550 - 1,6500."


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