Forex: GBP/USD holds at round number

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FXstreet.com (Barcelona) - GBP/USD has continued its dramatic tumble from its weekly high and is now finding an element of support at Classic S1.

The pair has plunged an emphatic 335 pips this week as markets show their true colours over the US (mini) fiscal cliff deal. Despite finding some support overnight, spot has continued its decline and is now holding at 1.6050, just above Classic S1 support at 1.6046. Hourly MA´s are indicating some downside pressure and RSI is at 27 but neutral in direction. European Services PMI´s have come in mixed to lower and UK Services PMI is due at 09:28 GMT, followed by Consumer Credit, M4 Money Supply, Mortgage Approvals and Net Lending to Individuals at 09:30 GMT. Italian CPI and EU CPI fall at 10:00 GMT before we shift to the US calendar, with NFP´s at 13:30 GMT.



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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