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Forex: GBP/USD retraces losses after touching 1.5000

Having visited the 1.5000 psychological level right after the release of UK PMI Construction, the GBP/USD found there support for a bounce back to its opening price. The pair is currently surrounding the 1.50303/35 area.

The UK PMI Construction dropped from 48.7 to 46.8 in February, instead of rising to 49.0 as expected by analysts. Headlines coming from the Eurogroup meeting could also disturb the pair's price action. Scheduled in the economic calendar is FOMC Yeller's speech at 13:00 GMT and US ISM New York at 14:00 GMT.

"The downtrend has been renewed and with the current resistance at 1.5080 the outlook here is negative, for a slide towards 1.4780 support area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key resistance at 1.5225 peak.

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Overnight, BoJ Governor-nominee Kuroda struck an unmistakably dovish tone, advocating a range of additional easing measures in order combat deflation. He was careful to avoid sounding too radical though explicitly rule out directly underwriting JGBs for example. According to Research Analyst Gareth Berry at UBS, “This arguably boosts his chances of securing parliamentary confirmation by not raising too many eyebrows amongst the DPJ opposition.”
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Cyprus, Italy the hot topics on the Eurogroup meeting agenda

Eurozone finance ministers gather in Brussels today to discuss the possibility of extending the maturity of Ireland and Portugal’s rescue loans. Other meeting agenda highlights include the issue of the bailout for Cyprus and the post-electoral situation in Italy.
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