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EUR/GBP continues to trade positively at 0.8555/56 after UK GDP

FXstreet.com (Barcelona) - The EUR/GBP has edged higher slightly during European trading, receiving a slight impetus from the recent economic data out of the UK.

In the United Kingdom, Gross Domestic Product (QoQ) grew +0.3% in Q1, matching expectations of +0.3%. Moreover, Gross Domestic Product (YoY) has yielded +0.6% in Q1, in line with estimates calling for a growth of +0.6%.

At the time of writing, the EUR/GBP has is trading positively at the 0.8555/56 region, mounting an advance of +0.12% Thursday. Mataf.net analysts point to resistive means for the EUR/GBP at 0.8579, onto 0.8621, and ultimately 0.8651. Conversely, a break below the 0.8507 mark will initiate short-term supports at 0.8477 and 0.8435.

According to the ICN.com Technical Analyst Team, “The EURGBP pair retreats slightly with the start of the session, where a retest of the broken resistance of the wedge pattern and 0.8500 level could provide another opportunity to the upside. Overall, we remain bullish targeting 0.8600 and 0.8635 levels.”

AUD/USD correlated to poor Chinese performance

With AUD/USD values effected by the slower performance of the Chinese economy, and with the USD outperforming yet again on risk aversion play, a dovish RBA is allowing the pair to plummet to record new lows this year to 0.9592 within a support band of 0.9640 and 0.9580 (2012 low)
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