Forex: GBP/USD finds support at 1.6000
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GBP/USD
FXstreet.com (Barcelona) - Having declined from a morning high of 1.6075, GBPUSD has found some support at 1.6000.
A morning full of soft European economic data dampened sentiment as the Eurozone officially entered recession ahead of tomorrow's BoE and ECB meetings. In the US, MBA Mortgage Applications showed a marked improvement, climbing to 11.7% from the previous -10.4%. With the economic data complete for the day and headline events scheduled for tomorrow, spot's sharp decline today may have lost momentum. Hourly RSI is at 29 and has shown a flattening of its earlier downward trajectory.
A morning full of soft European economic data dampened sentiment as the Eurozone officially entered recession ahead of tomorrow's BoE and ECB meetings. In the US, MBA Mortgage Applications showed a marked improvement, climbing to 11.7% from the previous -10.4%. With the economic data complete for the day and headline events scheduled for tomorrow, spot's sharp decline today may have lost momentum. Hourly RSI is at 29 and has shown a flattening of its earlier downward trajectory.
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