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Forex: GBP/USD above 1.52, against all

Cable is currently at 1.5200, off fresh session highs at 1.5222, going against the flow, printing session highs while almost everywhere else sellers are on charge. Highly benefited from massive EUR/GBP sell off, now down -2.65% from early NY session top, Cable has been able to rise from record 2-year lows printed Monday at 1.5068, following Friday's UK Moody's downgrade.

London session ahead will be a busy one for Pound, as BoE gov King speaks at 06:00 GMT in Tokyo, followed by Inflation Report Hearings and MPC Member Bean Speech at 10:00 GMT, and UK CBI Distributive Trades Survey - Realized (MoM) 1 hour later, to finish off at 15:00 GMT with key FED's Bernanke testifying at 15:00 GMT, along US CB consumer confidence and US New home sales data at the same time.

“In the hourly chart,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, “technical readings remain neutral, with indicators approaching their midlines and price barely above a flat 20 SMA, while the 4 hours chart shows 20 SMA again capped the upside, currently around mentioned daily high. Indicators head back south, retracing from their midlines which supports the dominant bearish trend,” she concludes.

Valeria finds support levels at: 1.5120, 1.5070 and 1.5030, while resistance levels at: 1.5160, 1.5210 and 1.5265.

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Against the backdrop of a 6 big figure drop from highs to lows on Monday, courageous bargain hunters, dip buyers and other traders that still see the Yen as a sell on rallies should be cautious, with the latest follow through to the downside in Yen crosses along Asia (underway) a reminder that momentum in favour of the Yen will be hard to fight.
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Following EUR/USD sell-off from yesterday's weekly highs at 1.3319, the pair is down around -2% at last 1.3052, off fresh 1-month lows at recent 1.3040, with FED's Bernanke due to testify on the Semiannual Monetary Policy Report before the Senate Banking Committee, in Washington DC at 15:00 GMT. “In our view,” say Westap FX Team, “EUR probably still bounces into and during Bernanke’s testimony later today."
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