Fast sells of pound on the market

The British pound after the temporary and speculative recovery against the dollar starts to suffer. During the morning European session today the traders in panic sell pounds. The first nationalization of bank since 1984 is fact. The suffering bank Northern Rock will be nationalize that send very bad signals for the situation in U.K. bank sector. The pound lose more than 120 pips for just few hours against the dollar. The pound will continue to suffer as the crisis deeper and is widely expecting Bank of England to cut the benchmark interest rates couple of times this year. The forecast of is continuing selling of pounds. The pound will lose against the dollar in short-term and long-term period. We see chances for tiny recovery of the pound in mid-term period said Peter Mill expert in The key support at the moment is form as psychological level at 1.90 while the technical support is at 1.9337.

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