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GBP/USD drops to fresh 8-month lows before year-end

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The US dollar gained momentum across the board during the final hours of trading of the year. GBP/USD dropped quickly from 1.4815 to 1.4730, hitting the lowest level since April. The pair remains near the bottom, under pressure; erratic moves are expected with volume levels at extreme lows.

    Greenback reached fresh highs against most of the currencies, expect the yen. The Japanese currency jumped in the market. GBP/JPY lost 120 pips during the last hour and is falling for the fourth day in a row; recently bottomed at 177.17, the lowest level since April 20.

    GBP/USD ends year near the lows


    Cable bottomed in April and then bounced to the upside. The recovery stopped before 1.60 and it started to decline, accelerating to the downside in December. Price is about to end the year closer to the lows (1.4565) that the highs (1.5929).
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