Forex: GBP/USD falls 1.00% so far today to test 1.6330
Mon, Jun 22 2009, 16:13 GMT
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FXstreet.com (Barcelona) - The Cable's decline have continued after a short halting in the Early American session and the GBP/USD have fallen around 100 pips in the last two hours from 1.6437 to post a fresh intra-day low at 1.6330. Currently the pair is falling 1.00% from 1.6480 opening price to the current 1.6340/50.
According to Valeria Bednarik, FXstreet.com collaborator, choppy market still in range: "Pair continues consolidating in the daily chart, unable to regain the 1.6600 level, and holding just above 1.6200. Bearish today, turning to 4 hours charts pair has break under 20 SMA and confirm the downside, thus 1.6300 should hold today. Break under that level, and even daily close, could send the pair to retest the daily ascendant trend line around 1.6240 that will be key for the pair. Daily close above 1.6400 will deny the perspective for tomorrow."

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