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

Christopher Vecchio

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.

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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

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