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GBP/USD resumes the downside, hits fresh lows

FXstreet.com (Córdoba) - Following a short-lived spike toward 1.5150, GBP/USD turned lower and broke below the 1.5070 support area toward fresh 7-week lows as Bernanke dialed down the dovish tone saying bond purchases could taper in coming months if data deems appropriate.

GBP/USD fell over 120 pips in a matter of minutes, dipping to a low of 1.5037 before pausing the decline. At time of writing, the pair is trading at the 1.5040 zone, posting a 0.7% daily loss.

Immediate supports for GBP/USD could be found at 1.5032 (low Apr 4) and 1.5000 (psychological level), while resistances are seen at 1.5110 and 1.5170 (daily high).

GBP/JPY finds resistance at 156.10

After climbing around 100 pips in the European session from 155.10, the GBP/JPY has found resistance at the 156.10 level with the pair falling back to test levels close to 155.50.
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According to the Westpac Strategy Team, “On balance model signals and event risk seem to suggest a sustained break in USD/CAD above 1.03 is a bridge too far, at least for the week ahead.”
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