Forex: GBP/USD: Pound dropped to 1.5065 low; correlated with oil prices

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Published: Thu, 14 May 2009 15:05:00 +0200

Forex: GBP/USD: Pound dropped to 1.5065 low; correlated with oil prices

FXstreet.com (Barcelona) ? The Pound continues weak after having declined from 1.5330 high yesterday to intra-week low around 1.5065, and the pair dies not take off to levels above 1.5100.

According to the Kshitij Consultancy Service Team, the pair has taken south after breaking 55 SMA in the 4 hour chart: ?Cable fell past the Support at 55-MA on the 4-hour chart. A break past 1.4892 (21-DMA) may signal the confirmation of bearishness which could then pull the pair down towards 1.45 over the next several days.?

The Kshitij Consultancy Service Team points out to the correlation between Cable and crude in the last days: ?The relationship with Crude has been working very well for quite sometime now. With Crude having plunged after facing Resistance near 60, may now possibly move lower further over the next few days driving Cable down towards 1.45.?

By Fxstreet.com

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