GBP/USD is down 0.24% in today’s trading, holding near the 1.2245 level. The pair is maintaining the downside bias which characterized last week’s trading and resulted in a breakdown below support at the 1.2300 level, which was in the same vicinity as a 61.8% retracement of the advance from the October 25 low to the December 6 rally high. The inability to hold this level increases the probabilities of a follow through decline to 1.2100, representing the lows established October 11 and 25. It is expected to be a quiet week in the Forex market, with the UK still on holiday today and no major economic releases ... (full story)