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11 Mar 2013
Forex: GBP/USD tumbles below 1.4900, at new lows
The GBP/USD breached below the 1.4900 level on London morning time, reaching Friday's spike low of 1.4887 and extending to even lower prices as the pair tumbles. This move is mostly GBP action.
The market has gone to 1.4872 low, so far, but the GBP/USD hasn't stabilize yet, so more downside may come.
"GBP/USD maintained downside pressure last week and it is on course for 1.4853, the 61.8% retracement of the 2009 move. It is possible that we will see some profit taking here, however longer term we look for losses to 1.4259/29, the 2010 low", wrote Commerzbank analyst Karen Jones, pointing to resistance at 1.5067.
The market has gone to 1.4872 low, so far, but the GBP/USD hasn't stabilize yet, so more downside may come.
"GBP/USD maintained downside pressure last week and it is on course for 1.4853, the 61.8% retracement of the 2009 move. It is possible that we will see some profit taking here, however longer term we look for losses to 1.4259/29, the 2010 low", wrote Commerzbank analyst Karen Jones, pointing to resistance at 1.5067.