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Forex: GBP/USD declines to support at 1.6050

By FXstreet.com,  January 15, 2013, 06:34:00 AM EDT

FXstreet.com (Barcelona) - Having climbed to post a morning high at 1.6094, GBP/USD has declined sharply to find support at 1.6050, just above Fibonacci S1 support.

The decline came after generally soft UK inflation numbers were released, showing that the UK has missed its inflation target for a whole year, for the third time. Spot plunged close to 40 pips and tested support at the psychological 1.6050 level, just above Fibonacci S1 support at 1.6041. Spot is currently trading at 1.6060 with hourly RSI at 38 but moving with a ranging momentum.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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