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
Related posts:
- Pound Advances against dollar, testing resistance at 1.5 The British Pound continued its rally today in accordance to...
- Plunging Pound - once was king After almost a decade of ruling the Forex market, the...
- Euro and Pound down ahead of reports 9:00 GMT This Friday’s focus is on Euro-Zone purchasing managers’...
- Who will catch a falling pound We all know how bad things are for the...
- Is the British Pound out of demand (again) ? Although the market is showing signs of increased appetite for...













Tue, Jan 20, 2009
Commentaries