Daily Pip Avalanche Review Released to Public
Forex: GBP/USD sinks under 1.6300
FXstreet.com (Barcelona) - European markets are once again hole the day in the red, as a Moody´s downgrade review for Spain re-energizes Eurozone debt woes and all-around hazard aversion, coupled with the political wrangling in Washington over the debt ceiling. In the incipient hour of the session, the GBP/USD extends further from an overnight high 1.6380 underneath 1.6300 where it looks for strengthen at 1.6280 at time of writing. Slobodan Drvenica of Windsor Brokers suggests: "Pep through 1.6360, the recent range ceiling was short-lived, as gains stalled on sound out to 1.6400 barrier and subsequent sell-off returned to 1.63 zone, span floor. This increases risk further retracement of 1.5779/1.6438 upleg and below 1.6300 to unseal 1.6260 higher platform, also daily 90 day MA. Break here would signal fresh leg tone down and expose 1.61"
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