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Forex: GBP/USD breaks down 1.5435 towards fresh 7-month lows

The Sterling is trading lower today against the US Dollar and following a 60 pips decline in the latest hour from 1.5485, the GBP/USD has broken down the 1.5435 support to reach a fresh lowest level since July 13th at 1.5425.

Currently the GBP/USD is trading at 1.5427, 0.25% below opening price action. "Reaching yet another monthly low and maintaining the bearish momemtum, the GBP/USD broke below former support around 1.5440, accelerating now towards 1.5400, immediate support," comments FXstreet.com analyst Valeria Bednarik. "While further losses should remain limited today, a daily close below 1.5400 should confirm further slides, with 1.5260 area now at sight."

Resistances in the short term are located at the mentioned 1.5440, followed by the 1.5480/1.5510 area, and approaches to this last should be consider selling opportunities.

Forex: EUR/GBP in session highs around 0.8650

The sterling is intensifying its bearish momentum on Tuesday, testing the 1.5440 level against the greenback while the single currency remains well supported in the vicinity of 1.3350...
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Forex Flash: Gilts set sights on 114.60-116.60 range – RBS

According to Dmytro Bondar, a Technical Markets Strategist at RBS, “From safe havens, Gilts look far less attractive, as a break of the recent ranges brought he market to the 114.58 retracement level (50% of 2012 extremes), while the former support of 116.00 has now turned into resistance. The overall bias is for a range of 114.60-116.60 with a possible recovery towards 117.80 if the latter is broken. However, this is unlikely to happen in the near-term. For the next week, we favor a range trade between 114.60 and 116.60. A break of 114.58 triggers a move to 114.00 and 113.14 – an upside break points to recovery towards 117.82.
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