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Forex Flash: EUR/USD trips as GBP/USD stabilises - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that EUR/USD tripped yesterday, while GBP/USD stabilised following the BoE Inflation Report.

He begins by noting that EUR/USD tripped below 1.2900 on Wednesday but managed to bounce off the 1.2850 level although going ahead, he remains skeptical of significant upside prospects for the pair. In the near term, he continues to look for a top heavy profile within a 1.2780-1.3000 band. Elsewhere, he notes that GBP/USD managed to stabilize on Wednesday with the BOE Inflation Report shading higher its GDP forecasts (while lowering the inflation forecasts as expected) with outgoing governor King also slightly more upbeat. Going ahead, he feels that the pair may have to demonstrate a sustained break back above the 55-day MA (1.5246), failing which, he is looking for a test towards 1.5170 instead.

Forex: GBP/USD grounded by 1.5200 region

The GBP/USD has fallen during European trading, finding some manner of stability at the 1.5200 level (1.5197 session lows), before mildly bouncing back above this barrier. In the absence of UK data today, the pair will likely trade on economic data in the United States later this afternoon during US trading. In these moments, the pair is still negative, settling at 1.5211/12.
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