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Forex Flash: Technically, GBP/USD looks bullish - Nomura

Nomura Strategist Saeed Amen has taken a look at GBP/USD from a purely technical perspective.

Looking at a daily chart he notes that spot is down on the week, but he is maintaining his bullish view. He sees that RSI has reached relatively low levels where historically spot has seen short term lows. He comments that bandwidth is also relatively flat, which is indicative of more range bound price action. Hence, he adds, “a small retracement higher could be likely. Our target is relatively close at 1.5650, and we wouldn't anticipate a rally extended beyond that.”

American equity markets in the green Friday following G20

The US Stock market experienced a slightly positive opening Friday, as investors digest the statement of the G20, which has sent the yen plummeting. In the United States, Net Long-term TIC Flows (December) were reported at $64.2B, relative to $54.2B in the previous month. Moreover, Industrial Production (MoM) has contracted -0.1% in January, against expectations for a +0.2% growth. Finally, the Reuters/Michigan Consumer Sentiment Index (February) came in at 76.3, vs. projections of 74.8.
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Forex: EUR/USD around opening price after US consumer sentiment

The EUR/USD has recovered to the opening price area, around 1.3363, as US data was released. The preliminary report for February consumer sentiment by Reuters/Michigan points to a rise from 73.8 to 76.3, beating the 74.8 consensus.
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