Forex: GBP/USD continues decline from overnight high
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - Having spiked to post a high since 2010 following the passing of the temporary 'fiscal bridge', GBPUSD has declined throughout a European session characterised by soft EZ data.
The spike to 1.6381 saw spot find resistance at daily R2 at 1.6369 before declining throughout the remainder of the Asian and European sessions, to where it currently trades at 1.6309 after finding support at 1.6290. Hourly RSI is currently at 54 and looks content to continue to range at the mid point. Calendar wise, a glut of damp EU Manufacturing PMI numbers came out before the UK equivalent saw a push above the key 50 expansion retraction watermark. Elsewhere, German CPI numbers came in better than expected. Looking to the US, ISM Manufacturing is the stand out even of the US calendar and is due at 15:00 GMT.
The spike to 1.6381 saw spot find resistance at daily R2 at 1.6369 before declining throughout the remainder of the Asian and European sessions, to where it currently trades at 1.6309 after finding support at 1.6290. Hourly RSI is currently at 54 and looks content to continue to range at the mid point. Calendar wise, a glut of damp EU Manufacturing PMI numbers came out before the UK equivalent saw a push above the key 50 expansion retraction watermark. Elsewhere, German CPI numbers came in better than expected. Looking to the US, ISM Manufacturing is the stand out even of the US calendar and is due at 15:00 GMT.
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