Published: Mon, 10 Aug 2009 18:08:00 +0200
GBP/USD unable to find a floor
FXstreet.com (Buenos Aires) ? GBP/USD continues falling, testing now 200 EMA in 4 hours charts at 1.6475. Bearish momentum persists with no signs of correction in the pair. Under current price, 1.6440 and 1.6405 are next supports to consider thus extreme oversold conditions in the hourly should trigger some upside correction before a new leg down. 1.6500 and 1.6550, 20 SMA in the daily, are the probable target zones for such corrective movement.
If pair breach 1.6440, chances of an upside correction dilute and the pair will likely approach to the daily ascendant trend coming from March lows of 1.3653, around 1.6330. At those levels, long term bullish bias could tumble, with 1.6000 and 1.5700 as potential targets.
By Fxstreet.com
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