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GBP/USD level 1.5570 is key for bears - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that a slowly but steadily cable tumbled down to 1.5693.

“A level not seen since September 2013”.

“With no UK data to drive the pair, market players continued pricing in latest BOE’s inflation report which said the Central Bank expects inflation moving back to normal in 3 years diminishing chances of a rate hike in the near term”.

“Technically, the 1 hour chart shows price accelerated below its 20 SMA with indicators heading strongly south below their midlines”.

“In the 4 hours chart 20 SMA gains bearish slope above current slide while indicators also head strongly south in negative territory”.

“So far, pullbacks had been extremely shallow, with the pair entering Asian session barely above the 1.5700 mark”.

“Some profit taking on Friday can see the pair bouncing late Friday, yet as long as price holds below 1.5770, the downward potential will remain intact”.

USD/JPY awaits further impetus for a continuation

USD/JPY is trading at 115.76, down -0.01% on the day, having posted a daily high at 115.81 and low at 115.74.
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Session Recap: Majors take a break but the pound doesn't

The Dollar traded mostly sideways against the Euro and the Japanese Yen; however, the pound is trading quite depressed after the inflation report from th Bank of England earlier this week and so GBP/USD extended its decline to the 1.5700 area.
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