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GBPJPY, GBPUSD Break Lower into Long-term Support

GBPJPY, GBPUSD Break Lower into Long-term Support

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- British Pound steps back on weaker PMI Manufacturing report.

- GBPUSD and GBPJPY tumble into important short-term support.

- Plenty of event risk this week: US ISM Manufacturing today, BoE on Thursday.

To keep up with this week's central bank meetings and implications on emerging markets, be sure to sign up for my distribution list.

A weaker than expected UK PMI Manufacturing report has knocked the British Pound into pivotal levels from early-December against the Japanese Yen and the US Dollar. A break below $1.6310 exposes 1.6200 for $GBPUSD, while the GBPJPY slam lower is nearing its triangle measured 100% target at ¥165.54.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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