07.10.2014 - The British pound continues to consolidate

The price of the British pound after the strong decline on Friday, compensated losses and returned to the descending channel. Currently quotations are consolidating around the top edge of the channel and below the level of 1.6100. To continue the upward movement the price needs to gain a foothold above these levels. Despite the ascending impulse, the trend remains negative and signal of its change will be overcoming the level of 1.6200. We expect price decline in the near future despite the limited downside potential.

RISK WARNING: Trading of complex financial products, such as Stocks, Futures, Foreign Exchange ("Forex"), Contracts for Difference ("CFDs"), Indices, Options, or other financial derivatives, on "margin" carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading these markets, and seek advice from an independent financial advisor if you have any questions or doubts. Please carefully read our full "Risk Disclosure" and "Risk Disclosures for Financial Instruments & Investment Services". FXFINPRO Capital is the trading name of PFX Financial Professionals Limited, a limited liability company formed under the laws of Cyprus, registered with the Registrar of Companies in Nicosia, Cyprus, under nr. HE 237840 and regulated by the Cyprus Securities and Exchange Commission with license number 193/13.