On 09.29.08 by Benny Nardino
The GBP USD, cable has been under immerse pressure in the last few month because of the closed UK economic link to the US.
Effect On GBPUSD
In the Asian and early European sessions as highlighted in our earlier article, the market saw the pairGBPUSD fall below the 1.80 again putting enormous pressure on the pound sterlings.
At a point the market had shed over 400 pips from Friday’s trading session.
At the moment, it is trading 50% level on the Fib. numbers. But we see a pullback and a possible cosolidation.
As with the the EURO we expect the pair to hold around the 1.8000/1.82 marks. We anticitapte the orange area as the action zone.
Trading with caution in these wonderful times.
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