Sterling keeps printing lower lows

Mon, Sep 28 2009, 02:02 GMT
http://www.fxstreet.com

FXstreet.com (Buenos Aires) – GBP/USD Current Price: 1.5820. Pair keeps printing lower lows in the hourly charts, accelerating the fall with the risk aversion dollar rally triggered by local shares. Rally seems over extended both in 1 and 4 hours charts, yet no signs of reversal or upside corrections yet.

“Break under 1.5800 level, will find next supports at 1.5754, past May 22th daily low, followed by the 1.5710 area,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.5800 1.5754 1.5710. Resistance levels: 1.5860 1.5920 1.5990.