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GBP/USD holds above 1.5900, for now

FXStreet (Córdoba) - GBP/USD broke below the 1.5950 area Tuesday and scored a fresh cycle low at the beginning of the American session as the greenback strengthens across the board against a cautious backdrop.

A series of disappointing Eurozone data contributed to ongoing concerns about global growth and boosted the dollar across the board. GBP/USD lost more than 150 pips throughout the day and hit a low of 1.5903, last seen November 13, 2013. At time of writing, Cable is trading at 1.5920, recording a 1.01% loss on the day.

GBP/USD technical levels

As for technical levels, if GBP/USD breaks below 1.5900, next supports could be found at 1.5877 (Nov 13 2013 low), 1.5864 (Nov 12 2013 low). On the other hand, resistances are seen at 1.6096 (intraday high), 1.6125 (Oct 13 high) and 1.6194 (21-day SMA).

Silver stuck at a technical resistance

Silver prices are stuck near a technical resistance of USD 17.68-17.72/Oz since last six trading sessions. The metal has lost more than 15% from July 2014 and appears poised for a relief rally.
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German 10-year Bund Yields hit record lows

German Ten-year bund yield hit a new low today after the German government reduced growth forecasts for the current year and the next year. The ten-year Bund yield is trading slightly up at 0.848 after having hit a record low of 0.837. Moreover, the Bund yields topped out at 1.113 levels on 19th September. Since then, the German bond markets have been rattled by a string of back-to-back disappointing economic data. As per the new forecasts, the German GDP is pegged at 1.2% in 2014, compared to the previous forecast of a 1.8% rise. For the next year, GDP is expected at 1.3%, down from 2%. The German government cited the global economic slowdown and the rising geopolitical issues as the reasons for the downward revision of the growth forecasts.The International Monetary Fund (IMF) said last week that the slowdown in the German economy can drag the Eurozone back into the recession within next six months.Ten-year Bund Yield Technical levels
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