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May 10, 2013
Forex: GBP/USD deepens the decline
FXstreet.com (Córdoba) - The Cable remains under pressure and has fallen to a fresh 2-week low as the greenback continues to strengthen across the board after a Bernanke speech, where the Fed Chairman did not say anything to alter USD appeal.
GBP/USD broke below the 1.5375 area, which had acted as interim support, and accelerated to a fresh low of 1.5320 before bouncing slightly. At time of writing, the cross is trading around 1.5330, recording a 0.7% loss on the day.
As for technical levels, immediate support for the cross is seen at 1.5300 (psychological level) followed by 1.5263 (low Apr 25). On the upside, resistances could now be found at 1.5375 (former support) and 1.5400(psychological level).
GBP/USD broke below the 1.5375 area, which had acted as interim support, and accelerated to a fresh low of 1.5320 before bouncing slightly. At time of writing, the cross is trading around 1.5330, recording a 0.7% loss on the day.
As for technical levels, immediate support for the cross is seen at 1.5300 (psychological level) followed by 1.5263 (low Apr 25). On the upside, resistances could now be found at 1.5375 (former support) and 1.5400(psychological level).