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Forex: GBP/USD again quiet in Asia-Pacific above 1.51

Cable is last at 1.5122, near the lower side of the small range 1.5116/41 the pair has been into for fourth consecutive Asian session, following a 0.60% increase since yesterday's Asia-Pacific close, despite pretty bad UK Construction PMI data yesterday. Today's UK Services PMI data at 09:00 GMT will be key risk event for the London session ahead, as Cable stabilizes loses after being near -7% underwater for the year so far.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “In the hourly chart, technical readings continue gaining upside momentum, although the 4 hours chart shows indicators barely correcting oversold readings and 20 SMA capping the upside at current levels,” the analyst notes. “Steady gains above 1.5120 price zone,” she adds, “should anticipate an upside continuation in the pair, although with market sensitive to risk lately, the comeback could be nasty, on any kind of disappointing news. 1.5040 area is now the level to watch to the downside, as once below, odds of a break below 1.5000 increase,” Valeria concludes.

Support levels are found by Valeria at: 1.5070, 1.5045 and 1.5010, while resistance levels at: 1.5115, 1.5160 and 1.5200.

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