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Decision Time for GBP/USD and GBP/JPY with Major Support in Sight

Decision Time for GBP/USD and GBP/JPY with Major Support in Sight

2014-02-05 13:00:00
Christopher Vecchio, CFA, Senior Strategist
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Talking Points:

- British Pound slips again on weaker PMI Services report.

- GBPUSD and GBPJPY fall towards critical longer-term support.

- Plenty of event risk this week still: BoE on Thursday, US NFPs on Friday.

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

Another softer UK PMI report has stoked the next leg of British Pound's weakness, while the Japanese Yen's strength is offering no favors to GBPJPY. The major GBP-crosses are nearing critical junctures. A move back to $1.6200 would coincide with former resistance off of the 2009 and 2011 highs for GBPUSD, while GBPJPY eyes the trendline from November 2012 - the backbone of the rally in 2013.

--- 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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