GBP/USD Outlook 1/03/2010 of FXCBS

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The pound tumbled heavily in markets against the U.S dollar, since polls revealed that the United Kingdom might have had a hard time narrowing their budget deficit, which therefore might weigh on growth prospects. The Sterling against U.S dollar is currently traded at 1.48801 between the support of 1.48500 and the resistance of 1.49650, while recording a high of 1.52031 and a low of 1.47805. Stochastic indicators for one hours candle show oversold area while there is low volume in the markets.

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