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Forex Flash: GBP/USD, little support until 1.4780 - RBS

Cable has seen early losses in the Asia-Pacific, breaking to fresh 31-month lows at 1.5069, “trading below a region of previous support around 1.5230/1.5350 made over 2010/12,” says FX Trading Strategist at RBS Greg Gibbs, adding: “It closed below this region last week, dropping sharply on the Moodys announcement right near the end of the week’s trading.”

The analyst concludes: “If it remains below this region through the Monday trading session it should encourage thoughts of a much deeper fall, with little support until 1.4780.”

Forex: USD/JPY recovers again above 94.00

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Forex: Euro traders shift gaze to Rome

The EUR/USD, recently marginalized to a 6-week low below 1.32, will try to escape from such depressed levels on this new week of trading. Whether or not a recovery in prices succeeds, the Italian election results will determine the immediate action in the fortune of the Euro.
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