Forex Trading: British Pound Remains Depressed Against All Major Currencies

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Forex Trading: British Pound Remains Depressed Against All Major Currencies

By Greg Michalowski on December 29, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

The pound remains depressed against all the major currency pairs (EUR, JPY, CHF and the USD).

Against the USD, the GBP/USD remains above the lows set on Dec 4th at the 1.4466 level but traded at the lowest level since December 8th today. The low today has been 1.4570, The close on Friday at 1.4652 was the lowest close in the GBPUSD since June 10th 2002. The market today will need to move above this level today to turn some of the sentiment to the upside (i.e. suggest a short term bottom might be in place).

On the downside, the low on November 13th was 1.4558, the low on December 5th was 1.4525 and the low on December 4th was 1.4466. These levels are what is holding the pair up at the moment. Breaks of these levels should lead to further downside pressure as the economic climate in the UK continues to weigh on the currency.

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