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Flash: GBP/USD target 1.4832 March low - Commerzbank

FXstreet.com (London) - Analyst, Axel Rudolph for Commerzbank said that GBP/USD has reached the 1.5035/28 target zone, made up of the April and the 20th of March lows.

He see’s support at 1.4997, the 78.6% Fibonacci retracement of the March-to-May rise, and suggests the pair may also reach that point which is regarded as the last defence for 1.4832, the March low.

Germany: Flash PMI Manufacturing contraction slows down in May

Preliminary German PMI Manufacturing increased to 49 points in May, from 48.1 points in April, according to data released today by Markit. The result is above market consensus of 48.5 points.
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UK Q1 GDP next: impact on GBP/USD, EUR/GBP, GBP/JPY

Next on tap in the UK docket will be the final figures of the UK GDP for the first quarter, with market consensus expecting the British economy to have expanded 0.3% inter-quarter and 0.6% over..
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