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EUR/GBP tested lower 0.8420 but is resuming back

EUR/GBP had benefited from a delayed reaction in cable yesterday night. EUR had been the first to lose ground to the dollar after hearing Fed officials talking about the likeliness of tapering its current QE programme.

The EUR has shed over 80 pips since yesterday and led EUR/GBP down from resistance 0.8460/65 by 40 pips to the low 0.8420. It now drifts higher into the official London open to trade circa 0.8440/46.

This pair has been oscillating between indecisive counterparts since Tuesday from a high of 0.8517. It's direction or any possible breakouts will be determined in the price action of those pairs where the market is more concentrated. Support comes at 0.8420, yesterdays low, followed by the 0.8394 fib line where the pair has failed previously in April lows.

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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.
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USD/JPY eases off session highs to 102.45/49

The USD/JPY pared most of yesterday’s losses overnight, recently capped at the 102.59 figure (session high), before easing back towards 102.45/49 in these moments during European trading.
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