The best pair to trade now
GBP/USD: Bearish momentum gains strength
Wed, Mar 10 2010, 11:37 GMT
by Valeria Bednarik
FXstreet.com Independent Analyst Team | View company's profile
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Pound slump early Europe, after UK worse than expected Production data. Hourly charts show some upside corrective movement developing, yet 1.4940/60 area should limit rally and generate a downside rebound. Clearly above 1.4970, pair could attempt to regain 1.5020 area. On contrary, after corrective movement is complete and as long as mentioned resistance area holds, pair should resume downtrend: under 1.4910, pair likely test today’s low of 1.4870 and furthermore, the 1.4830 zone.

Published on
Wed, Mar 10 2010, 12:21 GMT
Archive
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Note: All information on this page is subject to change. The use of this website constitutes acceptance of our
user agreement. Please read our
privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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