- October 31, 2008
- Posted by: Ramki Ramakrishnan
- Category: GBP
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.