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14 Feb 2013
Forex: GBP/USD, break below 1.5250 to accelearte bear trend - FXWW
The bear trend in GBP/USD continues its incessant fall, and Tuesday's false break lower did little to put off committed sellers, who resumed cable's liquidation to now approach round number 1.55.
As FXWW founder Sean Lee notes, "cable is showing no signs of weakening and selling rallies looks like the obvious play; asset managers are exiting UK Gilts and this along with increased speculative activity are the driving forces in the GBP." Sean tips that "a break below weekly support at 1.5250 would really set the bear trend in motion."
As FXWW founder Sean Lee notes, "cable is showing no signs of weakening and selling rallies looks like the obvious play; asset managers are exiting UK Gilts and this along with increased speculative activity are the driving forces in the GBP." Sean tips that "a break below weekly support at 1.5250 would really set the bear trend in motion."