Filed Under:
Forex pairs in this Article » GBP/USD (Barcelona) - Having posted a monthly high at 1.6061, GBPUSD has sharply declined to find support around the daily pivot point at 1.6030, and the hourly 50 & 100 MA's at 1.6019-22.

The decline comes as Italian unemployment hits the highest rate it has ever been and ECB President Draghi and German Finance Minister Schaeuble have given extremely frank speeches this morning outlining the risks ahead and the difficult road of recovery facing Europe ahead. The Bundestag is also set to vote on Greek aid today. Spot is currently trading at 1.6023, down 0.1% on the days trading.

Elsewhere, EU CPI disappointed expectations at 2.2%/2.5% whilst Unemployment for the region remained constant at 11.7%. Looking to the US calendar, US Core Personal Consumption Expenditure Price Index numbers are out at 13:30 GMT alongside Canadian GDP. Stoyan Mihaylov of Delta Stock is bullish on the pair and believes that a consolidated break of 1.6050 opens the door for a move to 1.6175 major resistance. He sees key support on the downside around 1.5960-70.
comments powered by Disqus