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Gbp/Usd continues downtrend

Written November 12, 2009 at 3:47 AM EST by Vincent Facchino 

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Since trading up to the 38.2 Fibo (1.6619) sterling has been on a downtrend. The pair has broken below its 200 hour M/A (1.6566) and has continued to trade down to 1.6517 which is the low from November 6. If the pair can stay below 1.6566 a move back down to 1.6517 is possible. A break above could find the pair testing 1.6600. It seems the former scenario is more likely.

vincent_fx00005

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2 Responses to “Gbp/Usd continues downtrend”

  1. Qingwei Kong on November 12th, 2009 4:06 am

    I think that you meant to say “1.6517.”

  2. Greg Michalowski on November 12th, 2009 7:21 am

    Qingwei. We changed it. Thanks. Greg

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