Re: GBP/USD Trading
The credit crisis in the Eurozone had a negative impact on the British economy, which caused sharp declines of the pound against the USD. In the beginning of the year, the GBP approached the resistance of 1.68-1.70, which it failed to break during 2009, and started sliding from this point in the rest of the months.
In the technical aspect, the pair reached the support at 1.53 and made the "head & shoulders" pattern above it. A strong break-down of this bearish pattern might take the GBP down to the 2-years low around 1.45.
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