The Pound tumbled to an all time low of 96.98 against the Euro as dealers eyed p

other areas of the real economy will continue to see strong challenges

Fundamental Analysis
The Pound tumbled to an all time low of 96.98 against the Euro as dealers eyed parity that would be a first since the single European currency’s launch in 1999. Retail sales figures will be closely watched over the coming week as the economy hopes to receive a boost from holiday season sales. Nevertheless, reports continue to suggest limited gains, while other areas of the real economy will continue to see strong challenges. British interest rates now stand at 2.0 percent compared with key euro zone rates at 2.5 percent, with UK rates expected to be cut further early next year. The GBP/USD is currently trading at $1.4680 as 9:30am, GMT.


Technical
The technical oscillators are supporting the bearish trend for the currency pair. To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines after a bearish crossover below the zero line with Bollinger also indicating that there is more room for the sterling to fall.

GBP/USD
Minor Chat

GBP/USD
Secondary Chart

 

GBP/USD
Primary Chart

 

Resistance
$1.4770
$1.4805

Support
$1.4470
$1.4440