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GBP/USD Continues to Look Weak

Posted on March 3, 2009 at 21:22 in Trading Desk by Ryan O'Keefe

The GBP/USD continues to look weak as it broke the 61.8% Fibonacci level from the rally that started back in January. There is plenty of event risk scheduled with most numbers forecast to deteriorate further, including a rate cut expected on Thursday.

GBP/USD is maintaining a high correlation to the DJIA so another sell off like Monday may help drive this pair lower as well.

Broken support looks to be between $1.41 / $1.4150 which may offer some short positioning ahead of any further declines.

Best of luck,

Ryan

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