Pound Sterling's Breaking Point
Candy Matheson | Sep 26, 2022 01:01AM ET
The Pound Sterling is taking a beating in overnight trading as it crashed to a new all-time low of 1.0384, so far...below the record low set in early 1985.
Its long-term major support (breaking point) of 1.4000 was broken in April of 2016, and it never recovered.
The US dollar has strengthened this year against all other foreign currencies, including GBP/USD.
Unless GBP/USD retakes and holds above 1.4000, expect more volatile swings and, possibly, a break below parity.
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