Forex Trading: GBP/USD Hit Hard On Brown’s Comments

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Forex Trading: GBP/USD Hit Hard On Brown’s Comments

By Greg Michalowski on February 2, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The gains in the GBP/USD over the last few days were reversed overnight on the downgrade of Barclays Bank and the comments from UK Brown saying “intervention to support the pound is a recipe for failure”. This opened the door to sell pounds again and they did.

The selling has pushed the pair back through the 100 hour MA at the 1.4249 level and then down to test the 200 hour MA at the 1.4037 level. The low came in at 1.4051 where buyers emerged against the key level. The 1.4037 level will be support this morning. A break will lead to lower levels.

For the time being, the pair has a bias to the downside, with moves toward 1.4186 (yesterdays lows) and above that the 100 hour moving average (1.4250) probably attracting sellers/profit taking.

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