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Forex: GBP/USD consolidates around 1.5250

After two attempts of recovery were capped by the 1.5315/17 zone, GBP/USD was confined to a phase of consolidation. With the downside contained by the 1.5240 zone, the pair has spent the last hours hovering inside a narrow range around 1.5250/60 where it trades virtually unchanged since opening.

However, GBP/USD is on track to post its second weekly loss in a row, having dropped over 250 pips, or 1.6%, since Monday opening.

From a technical view, "Near-term price action holds positive tone, as the pair attempted again at session highs and Fib 61.8% at 1.5320, with price being congested within 1.5250 and 1.5320 range", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "From the other side, still weak 4h studies, along with 20 day EMA limiting recovery, see not much upside potential for now, but weekly close above previous strong support and multi-year range floor at 1.5230/60 zone, would keep near-term bulls off 1.5130 in play".

Forex Flash: 10-year US treasury profile – RBS

The market continues to see a near-term range of 1.70% to 2.11% for 10-year US Treasuries. Overall, “the key support remains at 2.11%, and first resistance is 1.90%-1.93%. We advise to watch for ascending bear channel lines (1.93% in 10-years and 3.10% in bonds) – breaks of which could extend the rally while a close above 2.11% in 10-years opens up 2.30%.”
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The shared currency is holding steady to the area around 1.3165/75, as global markets remain unbiased ahead of the uncertainties stemming from the different scenarios in Italy after Sunday elections....
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