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GBP/USD oscillates around 1.5100

FXstreet.com (London) - GBP/USD is trading in a range of 40 pips around the 1.5100 level. There are Durable Goods orders on the calendar coming up at 13.30 BST with consensus for a high reading.

Alvin Pontoh, FX & Rates Strategy at TD Securities said, ‘The pace of durable goods orders should rebound smartly in April as higher Boeing aircraft orders and an increase in defense orders combine to push the headline number higher.’’ During the month, he expects the pace of orders to post a fairly robust 2.5% m/m rise, better than the 1.5% expected by consensus.

On the charts, the pair are trading below the 61.8% correction and were resisted at 1.5130 and the possibility of extending the bearish move is valid today, with daily MA’s and momentum indicating a move to the downside.

On the otherhand, a break above 1.5130 , breaking the resistace line and a seriies of higher lows could keep the pair bid above 1.5100 for the time being. Next resistance is 1.5170. Near term support is at the pivot point 1.5080 before 1.5035 and key plays out at 1.4995. 1.4830 (March 2013 and 2009 Low).

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