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18 Mar 2015
GBP/USD drops further to fresh multi-year lows
FXStreet (Córdoba) - Cable weakened considerably after the release of Bank of England minutes and UK employment report and ahead of the budget presentation and the FOMC statement. Initially GBP/USD dropped from 1.4755 to 1.4655. After a modest bounce, resumed the decline and fell further hitting a fresh low at 1.4635, level last seen in June 2010.
“The 2010 low near 1.4230 should be seen as the next big target ahead after psychological resistance near 1.45,” explained analysts from Brown Brother Harriman.
The pound is the worst performer across the board on Wednesday and remains near the lows in the market, under pressure as traders await Osborne’s presentation and the Federal Reserve decision.
The GBP/USD pair is falling for the eleventh day out of the last thirteen trading days and it could post the lowest daily close since June 11, 2010.
“The 2010 low near 1.4230 should be seen as the next big target ahead after psychological resistance near 1.45,” explained analysts from Brown Brother Harriman.
The pound is the worst performer across the board on Wednesday and remains near the lows in the market, under pressure as traders await Osborne’s presentation and the Federal Reserve decision.
The GBP/USD pair is falling for the eleventh day out of the last thirteen trading days and it could post the lowest daily close since June 11, 2010.