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Alert - 09:20 (CET) - Sterling under 1.60 Dollars for the first time in five years
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The Sterling fell under 1.60 Dollars for the first time in five years, waiting for the GDP reading of the third quarter, which should confirm that the UK is bordering a recession. This way, the Sterling is ready to end the session with the biggest weekly fall in 16 years.
The GbpUsd is trading at 1.5909, ranging from 1.5830 to 1.6327. The current price is under yesterday's close at 1.6230. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
As the support at 1.6000 (key) was broken, the traders are watching the next levels at 1.5767 (38.20% retracement) and 1.5603 (Setember 4th, 2002 low). The resistances are watched at 1.6601 (intraday high), 1.7199 (October 21st high) and 1.7681 (October 14th high).
Checking the hourly graphics again, the current price is under the 50.00% (1.7437) and over the 38.20% (1.5767) Fibonacci retracement lines. The average volatility per hour is 400 pips and the 60-minute Relative Strenght Index (RSI) is at 34 points, near the oversold area.
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