Forex: GBP/USD stable close to 1.6250

FXstreet.com (Barcelona) - The GBPUSD wasn't able to sustaine its price at 1.6242 little after the London opening and plunged almost 100 pips as concerns over the US debt ceilling spread all over financial markets following IMF's spokesman Gerry Rice remarks, warning that the US government has to do better to put its public finances back on a sustainable path, the pair changed to an extended profit taking mode.

The GBPUSD had fallen down to 1.6250 zone, with its daily low four pips below. The slight bounce seen on the ADP employment report wasn't enough to revive the pair that is still not very far from its lows. A BNP economist told Bloomberg that the US debt rating will likely be downgraded, according to Forexlive.com analyst Jamie Coleman.

"Yesterday's sharp bearish intraday reversal favours a short-term phase of weakness towards the support at 1.6067 (27/12/2012 low)", wrote MIG Bank analyst Bijoy Kar, pointing to resistance at 1.6381 (02/01/2013 high).