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17 Dec 2013
GBP/USD slumps to 3-week low
FXstreet.com (Córdoba) - The GBP/USD fell to a fresh 3-week low at the beginning of the American session as the pair triggered stops on the break of the 1.6285 level.
The Pound weakened broadly Tuesday after UK annual rate of inflation fell to a 4-year low of 2.1% in November. The GBP/USD pierced through the 1.6285/1.6260 support area and hit a low of 1.6255 before finding support. At time of writing, the pair is trading at the 1.6270 region, recording a 0.2% loss on the day.
GBP/USD technical outlook
From a technical perspective, Stoyan Mihaylov, analyst at DeltaStock.com noted that "The negative trend continued until passed the resistance 1.6360. The target is 1.6130, after breaking 1.6260".
The Pound weakened broadly Tuesday after UK annual rate of inflation fell to a 4-year low of 2.1% in November. The GBP/USD pierced through the 1.6285/1.6260 support area and hit a low of 1.6255 before finding support. At time of writing, the pair is trading at the 1.6270 region, recording a 0.2% loss on the day.
GBP/USD technical outlook
From a technical perspective, Stoyan Mihaylov, analyst at DeltaStock.com noted that "The negative trend continued until passed the resistance 1.6360. The target is 1.6130, after breaking 1.6260".