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Greg Michalowski

GBP/USD Continues Downtrend

By Greg Michalowski on November 12, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

Since trading up to the 38.2 Fibo (1.6619) sterling has been on a downtrend. The pair has broken below its 200 hour M/A (1.6566) and has continued to trade down to 1.6517 which is the low from November 6.

If the pair can stay below 1.6566 a move back down to 1.6617 is possible.

A break above could find the pair testing 1.6600. It seems the former scenario is more likely.

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