Pound Versus Dollar and Yen November 16th

FX Strategy Video > Currency Pairs Analysis

GBP/USD broke through the 1.59 support area on Tuesday, as traders continue to run towards the Dollar for safety. The pair managed to break below the two hammers on the weekly chart, (1.58) and as a result suddenly looks very weak.

The GBP/JPY pair continued to fall on Tuesday as the market still wants to buy the Yen. The 120 – 121 area seems to be supportive, so although we are very bearish on this pair – a bounce looks likely. Selling rallies is what we prefer.

Published on 15th of November 2011
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