Friday, 17 July 2009

Forex: Pound falls quickly to break 1.6360 against Dollar

FXstreet.com (Barcelona) - GBP/USD has fallen around 90 pips in the last hour from 1.6415 to break 1.6360 level and post 1.6324 as fresh intra-day low. Pair has continued, thus, with its rejection from 1.6416, fresh 2-week high reached yesterday's session.

Currently pair is trading around 1.6330/40, 0.45% below today's opening price action.

Rajoo C, analyst at Precise Trader, comments: "The Hourly Oscillators are turning bearish and price is approaching the MA, so Cautious approach is needed for the bulls. Hourly Trend is Turning Down while 16525 level holds and Daily Trend is Sideways Down while 16625 holds, so expect the price to turn down any moment. The Patterns are suggesting the High may have already been seen on the Hourly Chart or it may test the high one more time. Conservative traders should look to Short near 16480 or strictly trade only at our levels. Aggressive traders look to Short while 16480-16525 level holds."

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