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GBP/USD 1.5300 / 1.5200 range bound

FXstreet.com (London) - In yesterday’s European session we saw Sterling bounce from 1.5200 support and climb to a high of 1.5320 on poor US data in an oversubscribed and very long USD market place.

The US session capped that move and put the pair back into it’s place when Aisia took over. Asian market bears have offered the quote over to us in Europe again and this morning we are taking over 20 pips below pivot point 1.5263 where the pair is now ebbing and flowing.

The session will be quite light data wise today, but there is the Michigan Consumer Sentiment Index (May) coming up in the afternoon at 14.55 BST and indeed Bernanke is speaking on Saturday, at 1500GMT. The speech topic is “Economic Prospects for the Long Run”, and traders may wish to be square before the weekend. 1.5200 will act as support again and may be tested for a third run this week. Similar ranges are likely to apply. 1.5173 is the cloud base so the market could expect some momentum below there on a break out.

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