Plunging Pound

09/11/2008 12:00 am EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

The B-Pound violated its weekly uptrend five weeks ago and the decline has been dramatic. The next good weekly support is in the 1.70-1.72 area where the Pound could stabilize. The Pound should rebound over the next few months but it is likely to fail in the 1.83-1.85 area