GBPJPY, GBPUSD Break Lower into Long-term Support

DailyFX

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.

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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

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