Forex: GBP/USD holds support below 1.6300

FXstreet.com (Barcelona) - Having steadily declined throughout today's European session, GBPUSD has found an element of support below the psychologically round 1.6300 level.

Spot is currently being cradled by the hourly 20 MA and RSI is at 54 with a slight downside bias. Following a morning of soft Eurozone data but strong UK Manufacturing PMI, strong US Markit and ISM Manufacturing PMI numbers have finished today's calendar on a positive note.

Stoyan Mihaylov, analyst at DeltaStock.com believes that the break above 1.6309 signals that the up trend has been renewed and has opened the door to 1.6610-20. From an intra day perspective, he feels that the outlook is positive and reliable support can be found around 1.6205.