Pound plunges on U.K bank concerns

Record Lows for Pound based pairs today. Grim prospects over UK banks functionality continue to hurt the Sterling.

GBPUSD has clearly broken  under its last support area 1.4350, and almost instantly dropped by 400 pips, and well under 1.4.

GBPJPY is also trading in new waters after taking down its support at 128.8 tonight.

It seems the second rescue plan launched by the British failed to restore confidence in the banking sector.

Right now there are few traders who are willing to take the long side on the Pound.
A perfect indicator for that is the EURGBP, which continues to rise substantially on top of the general weakness the Euro is experiencing in the last 24 hours.

Z.Georgi

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