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Forex: GBP/USD finds support at 1.6000

By FXstreet.com,  January 09, 2013, 11:33:00 AM EDT

FXstreet.com (Barcelona) - Having declined from a morning high of 1.6075, GBP/USD 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.




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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