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Forex pairs in this Article » GBP/USD (Barcelona) - Having made a high on the Asia open at 1.6441, GBP/USD continued its slide overnight into the European morning, to post a low at 1.6375 before climbing back above the 1.6400 mark.

GBP/USD supported at long term Fibonacci level

GBP/USD´s decline accelerated into the European open, with spot pushing its head below the 1.6400 level, only to find near term support at the 4H 200 SMA at 1.6392 and S1 at 1.6380, before swiftly climbing to where it is presently trading and finding support at the 1.6400 mark. A longer term view shows spot hovering around support at the 23.6% Fibonacci Retracement level of the climb from the 20113 Nov 11 Low (1.5853) to 2014 Jan 2 High (1.6602). Moving to a weekly chart, we see spot finding support at the weekly S1 at 1.6398, and seemingly still in the uptrend from the 2013 Low since 2010, at 1.4812. Yesterday saw UK CPI decline to 2% YoY and 1.7% Core CPI, with PPI beating expectations, but RPI missing.

What are todays Key GBP/USD levels?

Hourly RSI sits at 38, just above oversold territory. The daily pivot point can be found at 1.6426, with support below at 1.6385 (S1), 1.6350 (trendline support), 1.6330 (Sell Stops commence), 1.6327 (S2), 1.6286 (S3), & 1.6250 (Option and Corp bids). Resistance above falls at 1.6470-80 (Prop offers), 1.6484 (R1), 1.6520 (Buy stops commence), 1.6525 (R2), 1.6580-00 (Corp and real money offers), & 1.6583 (R3).
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