Oct 312008
 

Having failed at 1.6670 levels, the Pound has come off by over six big figures already. Question is whether we will see 1.5250 soon? There is not much of a doubt that GBP/USD is in a bear trend, and some might think that all we need now is an overlap of 1.5934 to call a direct test of 1.5250. I would like to be a bit more careful in making that call just now. What makes me cautious is the sideways drift from the top. I would really like to see it come down a bit faster than this. Let us see how Asia handles the currency and then decide the next trade.

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