British Pound vs US Dollar Falls to Key Support

<p>GBP/USD (daily chart) as of November 14, 2012 has fallen below 1.5900 support down to both the 200-day moving average and a key uptrend support […]</p>

GBP/USD (daily chart) as of November 14, 2012 has fallen below 1.5900 support down to both the 200-day moving average and a key uptrend support line extending back to the June 1.5265 low. This drop has established a new two-month low and has placed the pair at a critical support confluence. If the bearish trend that has been in place since the September 1.6300 area high carries enough momentum to breakdown below this support confluence, the next major support objective to the downside potentially resides around the important 1.5750 price region. That 1.5750 level has served as critical support and resistance for the past six months. In the event of a bullish bounce off the current support confluence, price could move once again towards a re-test of the 1.6000 psychological level.

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