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4 Oct 2013
GBP/USD dropping like a stone
FXstreet.com (London) - GBP/USD has printed a low of 1.6013 in a continuation of the downtrend which has suddenly formed at the end of this week.
Research teams at TD Securities explained that GBP’s weakness seems to be driven by more technical issues and longs being squeezed. Research teams at BBH said, “Sterling is the weakest performer of the major currencies…profit-taking and cross-related activity appear to be the main culprits both yesterday and today. Support is seen near $1.60”.
GBP/USD Levels
Karen Jones, chief analyst at Commerzbank said the market has started to erode its accelerated uptrend. “The leads our focus to the 1.5831 3 month uptrend. The market will need to close below here to confirm that it has topped short term and trigger losses to 1.5430, then 1.5104".
Research teams at TD Securities explained that GBP’s weakness seems to be driven by more technical issues and longs being squeezed. Research teams at BBH said, “Sterling is the weakest performer of the major currencies…profit-taking and cross-related activity appear to be the main culprits both yesterday and today. Support is seen near $1.60”.
GBP/USD Levels
Karen Jones, chief analyst at Commerzbank said the market has started to erode its accelerated uptrend. “The leads our focus to the 1.5831 3 month uptrend. The market will need to close below here to confirm that it has topped short term and trigger losses to 1.5430, then 1.5104".