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Forex pairs in this Article » GBP/USD (Barcelona) - GBPUSD has twice declined sharply from stiff resistance at 1.6060 today and is currently trading at 1.6003, just above daily Fibonacci S2 support at 1.6000.

The decline comes after a day of poor data which saw German Retail Sales underwhelmed alongside Swiss Leading Indicator, Italian Unemployment which hit an all time high and Greek Retail Sales. EU Unemployment registered in line at 11.7%. US Personal and Core Consumption Expenditure Price Index disappointed forecasts across the board and Personal Spending slumped below expectations. Spot is currently trading at 1.5991 and looking to find support at the hourly 200 MA at 1.5988.

Slobodan Drvenica of Windsor Brokers believes that short term bulls could come into play should spot approach the 1.5960 region, with 1.6050 in mind as a target. He believes that fresh bull momentum, sees room for a sustained break and further extension higher with a test of 1.6080-1.6100. Elsewhere, European stocks are close to flat but up on the day, US futures are mixed and close to flat and commodities are mixed to higher.
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