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Forex pairs in this Article » GBP/USD (Barcelona) - Having climbed during the Asia session, GBPUSD met resistance at daily Camarilla R2 at 1.6154 before declining into the European session.

Spot declined to post a morning low of 1.6115 and met stiff short term support at the houry 55 MA at 1.6116, causing spot to push higher to where it is currently trading at 1.6125, just below the hourly 20 MA. RSI has largely ranged overnight and is currently at 48 and moving with a hint of downside bias. Calendar wise, this morning has seen soft German Wholesale Price Index data and only has Italian and EU Industrial Output scheduled at 09:30 and 10:00 GMT respectively to make up the European session. Richard Lee, independent analysts for comments that the pair failed to gain above the 1.6168 resistance barrier, prompting a decline to 1.6100 on the session. He notes that the pairs inability to move lower reflects the potential for a correction back towards 1.6200 as the pair continues to consolidate.
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