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Forex: GBP/USD closer to last week's low on US session

The plunging post-UK PMI Construction data found support at the 1.5000 psychological level. From there, the GBP/USD retraced all of its losses and started moving higher ahead of the US session and ISM New York. After reaching as high as 1.5072 on the publication, the pair is currently resting a little lower. Last week's low as 1.5074.

For the fourth month in a row, the ISM New York kept the expansionary pace. Rising from 56.7 to 58.8 in February. The UK PMI Construction dropped from 48.7 to 46.8 in February, instead of rising to 49.0 as expected by analysts.

"I think today the price may return to 1.5150; the structure of this ascending movement may be considered as a five-wave one", wrote Roboforex.com analyst Igor Sayadov, open to two scenarios: "According to the main scenario the price may return to the level of 1.5750; an alternative one implies that the pair may renew its minimum one more time".

Forex Flash: Gilts break 34-week moving average – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “Gilts broke the 34-week moving average, which capped the trend so far, has formed a pennant on a daily chart, suggesting there would be good chances of extending the rally to 118.37 onto 119.00. There might be a pullback to the 117.00/27 region, however it is likely to be a temporary one. After that more upside to 118.40 onto 119.00 would be likely. These are Fibonacci levels on a weekly continuation chart. The primary stipulation would be a sustained break below 116.54.”
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Fundamental Afternoon Wrap: Europe and UK in focus as global flash points dim

A slow afternoon for institutional research shows that the Euro and the Pound have fallen in focus, with much attention being put on the pending central bank meetings this Friday. Opinion seems to be split on what action will be taken, if any, while Japanese and US issues look to have been swept under the carpet for the afternoon at least.
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