Forex: GBP/USD: Pound reaches levels below 1.6600

Fri, Nov 20 2009, 08:57 GMT
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FXstreet.com (Barcelona) - Sterling's attempts to pick up from yesterday low at 1.6605 have been capped twice at 1.6670/75 area, and the Pound has reversed at European session opening, to drop to a fresh intra-week low at 1.6595.

In case of confirmation below 1.6600/05 (Nov 19 low), next support levels would lie at 1.6570 (13 Nov low) and 1.6515 (12 Nov low). On the upside, initial resistance lies at 1.6675 session high, and above here, 1.6715/25 area and 1.6750.

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the Pound will trade between 1.7000 and 26 day MA: "we consolidate under this year’s high at 1.7044, dropping below the 9-day moving average, while holding above the 26-day one. Until we get a w weekly close above 1.7000 expect more of the same where dips, and who knows how low these may be, are seen as buying opportunities."

GBP/USD

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