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Forex: GBP/USD up move held at 1.5260

The GBP/USD keeps on rising during the London session. After hitting “rockbottom” at 1.5133 in late Asia, the pair kept bouncing to fully retrace its losses back to its opening price of 1.5233, 100 pips range ahead of UK CBI orders and UK 10-year bond auction.

The UK government sold 10-year gilts at rising average yields, from 1.9% to 2.15%. UK CBI industrial trends survey (orders) improved from -20 to -14 in February, beating consensus of -15. The GBP/USD then made a new upmove to 1.5260, where it has been holding against further gains ahead of the US money and US CPI, jobless claims, Markit manufacturing PMI, housing data, and Philadelphia Fed manufacturing survey due to be released.

“The GBP/USD currency pair completed a descending wave; now the market may start forming a reversal pattern”, wrote Roboforex.com analyst Igor Sayadov, pointing to the first target at 1.5755 and the next one may be at the level of 1.6000.

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