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GBP/USD: dropping like a stone to stop territory - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, noted that The Pound plummeted down to the 1.4800 region against the greenback, with no certain catalyst beyond the move, and made a low of 1.4784 in thin trading exacerbating the dominant trend.

    Key Quotes:

    "The pair lost around 100 pips from its daily high of 1.4912 reached during the Asian session, and is poised to extend its decline, according to the 4 hours chart, as the technical indicators head south well below their mid-lines whilst the price has extended below its 20 SMA.

    There should be large stops below the 1.4800 level and if those get triggered, the pair can extend its decline down to the 1.4740 price zone this Tuesday."
    For more information, read our latest forex news.
     

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