Monday, December 15, 2014

$GBP/USD slides below 1.5700

Cable dropped below 1.5700 and extended the slide to 1.5668, hitting the lowest since last Thursday, when it bottomed at 1.5651. 

$GBP/USD reversing from 1.5745

Earlier the pair peaked at 1.5745 but then lost momentum and turned to the downside. From the highs has lost 80 pips during the last four hours. The pound also reached a fresh low versus the Swiss franc and commodity currencies. 

The area around 1.5740 continues to limit the upside. Since the beginning of December $GBP/USD traded on various occasions above 1.5740 but it was never able to consolidate on top or to reach higher levels than 1.5755.