British pound vs US dollar extends bearish momentum
City Index November 12, 2012 8:09 PM
<p>GBP/USD (daily chart) as of November 12, 2012, has dropped below key support around the 1.5900 price region, establishing a new two-month low and extending […]</p>
GBP/USD (daily chart) as of November 12, 2012, has dropped below key support around the 1.5900 price region, establishing a new two-month low and extending the bearish trend that has been in place since the September 1.6300 area high.
Having dropped below 1.5900, the price is now approaching the downside – both the 200-day moving average as well as a key uptrend support line extending back to the June 1.5265 area low. In the event of any breakdown below those two potential support factors, the price could further extend its bearish trend with a move towards the 1.5750 price region, which has served as both strong support and resistance several times in recent months.
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