Forex: GBP/USD finds support around 1.6100

FXstreet.com (Barcelona) - GBPUSD looks to have found some momentary support at the psychologically round 1.6100 level, having declined in early European trading.

Having gently climbed throughout the European session to post a morning high at 1.6129, just above the daily pivot point at 1.6123, spot sold off to post a low at Camarilla S1 support at 1.6086 before climbing to find support at 1.6100. With a light European economic calendar and thin volume in the market, the move initially looks to be low on momentum.

Calendar wise, Greek PPI lies ahead at 10:00 GMT, followed by Chicago PMI at 14:45 GMT and US Pending Home Sales at 15:00 GMT. The Danske Research team have taken a bearish view on the pair and recommend selling at 1.6150 for a 1.6011 objective with a stop at 1.6215.