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Forex: EUR/GBP bouncing off lows, around 0.8635/40

After bottoming in the proximities of 0.8570, the pair has managed to pare previous losses and head back above 0.8600 on Tuesday, as markets are waiting Bernanke’s testimony before the US Congress.

“There still should be some strong support in the 0.8506/54 region but breaks through here could be significant. I think that yesterday’s price action has certainly shifted the bias from a buy dip market to one of sell rallies. Look for the mid point in yesterday’s open/close range around 0.8690 as resistance into today and tomorrow’s session”, suggests William Moore, Technical Markets Strategist at RBS.

At the moment, the pair is up 0.22% at 0.8633 with the next hurdle at 0.8644 (MA10d) en route to 0.8815 (high Feb.25) and finally 0.8831 (high Oct.28).
On the downside, a dip beyond 0.8575 (low Feb.15) would open the door to 0.8572 (low Feb.13) and then 0.8541 (low Feb.12).

Forex: EUR/USD tries to regain 1.3100 again

After rising to 1.3119 high during the European session, the EUR/USD eased a bit but its retracement was limited to 1.3074, staying above the opening price. The market is currently moving back to the upside, regaining the 1.3100 handle.
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Forex: GBP/USD rejected from 1.5215

The recovery of the pound against the dollar stalled once again at the 1.5215 area, where the 100-hour SMA reinforces static resistance. GBP/USD then fell back below the 1.5200 mark and even hit a fresh daily low of 1.5127, weighed by BoE's Tucker saying "real fx rates need to be lower".
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