By FXEmpire.com
GBP/USD fell hard on Monday as the “risk off” trade came into vogue again as a result of the US downgrade. The pair was near the top of the recent consolidation area, in the form of the 1.65 zone. Because of this, the market was already “leaning” in a downward direction and it only took a little bit of bad news to get the riskier Pound to sell off. However, we feel that the 1.63 area is support, and this pair will more than likely continue to chop around in this 200 pip zone for a while.
The FX Empire:
Dedicated to delivering the very best to its readers, FXEmpire.com stands committed to its reader. As such, everyday, we provide the highest quality, most timely and most actionable technical and fundamental analyses and news. Those and our broker reviews mean that we arm our readers, empowering them to make, for themselves, the best financial decisions.
Check out the latest Brokers Reviews by FX Empire: Alpari Review, bForex Review.
In depth, timely and accurate technical analyses, fundamental analyses and Forex news and Forex broker reviews are available within the FX Empire.
