Istvan Varkonyi
Marketprog Ltd.
Hourly chart: The exchange rate could not recover from the brief visit below the support at $1,6780 and it seems to head even lower. This drop could turn into a much bigger selloff but the first target prices are at $1,6730 and $1,6690.
A rise in the exchange rate is somewhat unlikely at this point, the moving averages and the broken through supports should offer plenty of resistance for any attempts to climb higher. In any case the GBPUSD needs to climb above $1,68 to give any hope for the bulls.
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