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by ForexNewsNow Team on November 23rd, 2010

GBP/USD slides on news of artillery fire in Koreas

GBP UK bank forex trading fx newsNEW YORK (Forex News Now) – The pound fell against the dollar on Tuesday, as investors rallied to the dollar on news about an exchange of artillery fire on the Korean peninsula.

In early currency market trading, GBP/USD dropped to 1.5930, down 0.185 on the day from a start of 1.5959.

The dollar rose against most of its major crosses after South Korea’s army chief confirmed that North Korea had fired “several” artillery shells into the South.

According to GBP/USD analysis, cable was likely to touch support around the Oct. 27 close of 1.5779, and encounter resistance around the Nov. 15 high of 1.6153.

The dollar’s gain against the pound also came after Britain said Monday it would commit to lending Ireland billions of pounds as part of a European Union and International Monetary Fund bailout to stem that country’s growing debt crisis.

Elsewhere, sterling rose against the euro: EUR/GBP traded at 0.8514, down 0.3 percent, according to intraday analysis.

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