The pair was seen wiping out its Wednesday losses in early trading today suggesting further downside losses towards the 1.6459 level where its Nov 20’09 high is located. Further downside risk comes in at the 1.6249/60 area, its Oct 26’09/Nov 03’09 lows. These two key levels must hold if tested…
Tag Archives: lows
GBP/USD Bounces on Broad-Based Dollar Weakness
The Cable has stabilized nicely after Friday’s sizable selloff. The GBP/USD has popped back above its psychological 1.65 level and 11/12 lows as the currency pair benefits from a positive wave of EU and U.S. econ data. The set of Flash EU PMI data and U.S. Existing Home Sales came…
EUR/USD Pulls Back with U.S. Equities
The EUR/USD briefly traded beneath 11/17 lows before stabilizing as we witness a broad based strengthening of the Dollar in reaction to a dip in the S&P futures below their psychological 1100 level. The wave of disconcerting data points from the past couple weeks appears to finally be taking its…
GBP/USD Sells Off Sharply to Psychological 1.65 Zone
The Cable is undergoing an intense pullback today, dropping beneath all of our previous uptrend lines along with 11/12 lows. The Pound is getting hit by a report from Nationwide and an analyst poll from Bloomberg implying Britian’s housing recovery may be overdone and analysts are expecting a pullback in…