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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".

However, GBP/USD found support and managed to recover some ground. The pair is currently trading around 1.5160, where it remains virtually unchanged since opening.

"Cable tried moving up but is facing resistance near 1.5200-15 levels. The bigger trend remains bearish and a failure to rise past 1.5200-15 will be a signal that the short covering is losing steam and a fall towards 1.4850 can well be seen in the coming days", says the Kshitij Consultancy Services Team. "A rise above 1.52 can push it further towards 1.5250-300".

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...
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Forex Flash: Stronger South Africa GDP pushes ZAR higher – TD Securities

Driven by better performance of the manufacturing, finance, and agriculture industries, South Africa's GDP growth accelerated to 2.5% Y/Y in Q4 vs. 2.3% in Q3, expanding 2.55% for the full year 2012. The upside surprise had a positive effect on rand performance, being the best EM currency today.
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