Forex Trading: GBP/USD Trades At Lowest Level Since January 26th

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Forex Trading: GBP/USD Trades At Lowest Level Since January 26th

By Greg Michalowski on March 9, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The GBP/USD is trading at the lows for the day after further pressure from the interest rate cut and quantitative easing from last week, along with banking worries (HSBC (HBC) is down over 10% today), rolled over into trading today. The pair gathered momentum to the downside after taking out the Thursday and Friday low levels at the 1.4038 area. The high for the day has been 1.4180. The GBP/USD has not been this low since January 26th, 2008. The recent low for GBP/USD came in at 1.3502 - reached on January 23rd (the lowest level since 1985). The move today has already been dramatic (over 400 pip range). Finding a bottom is difficult. However, the trend is certainly to the downside and upside corrections should be limited.

The GBP is also being pressured against the EURO, Swiss Franc and the Japanese Yen.

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