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Forex: GBP/USD stuttering after morning collapse

Having declined from its morning support at the 2009 uptrend line around 1.5660-80, GBP/USD declined to test 1.5600, posting a low at 1.5571.

The decline came following softer than expected UK CPI figures which registered marginally lower than forecasted. With an with a long term up-trendline dating back to 2009, a particular focus was put on the downside today, with spot testing for the second time in as many weeks. The push lower has seen 1.5600 come into focus and where spot is currently stuttering, looking for direction. Hourly RSI is currently at 33 and holding a soft upside bias.

American equity markets pull back Tuesday

The US Stock market experienced a slightly negative opening Tuesday following the hoopla surrounding the G7 statement earlier today. Beginning with the indices and composites, the NASDAQ fell -0.08% as it settles in region of 3190.40, up -2.40 points in these moments. In addition, the S&P 500 is trading in negative territory, operating at 1516.13, descending -0.88 points or -0.05% at the time of writing. Finally, the Dow Jones has moved lower at the opening as well, trading in the zone of 13975.51, presently +0.03% after a marginal climb of +4.27 points.
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WTI trading at $97.56/bbl

FXstreet.com (Barcelona) - “The double-bottom formation is under way on a 4h chart, as crude oil price’s rally from the 95.00 base, eventually breaking above the strong barrier and near-term congestion top at the 97.00 mark that also marks Fib 61.8% of 98.22/95.00 corrective pullback. A sustained break and close above 97.00 is required to confirm bulls back in play, as completion of double-bottom reversal pattern, would re-focus key barriers at 98.22 (30 January peak) and 98.54 (Fib 61.8% expansion of rally from 84.05, 07 Nov 2012 low).” writes Slobodan Drvenica, an analyst at Windsor Brokers Ltd.
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