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British Pound Tumbles Toward 1.7300

By Sam Shenker
27 February 2006 09:29 GMT
A sustained momentum to the downside will most likely see the greenback bulls extend their rally below the 1.7200 figure and target sterling bids around 1.7188, a level established by the January 3 daily low. A sustained move on the part of the dollar traders will most likely see the pair aim for 1.7048, a level defended by the November 11 daily low, breaking of which will most likely see the pair gain additional momentum and head below the psychologically important 1.7000 handle and target the next potential support around 1.6900 figure, a level not seen since October of 2003. Indicators are favoring dollar longs with both negative momentum indicator and MACD trading below the zero line, while neutral oscillators give either side enough room to maneuver.

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27 February 2006 09:29 GMT