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Forex: GBP/USD tumbles below 1.4900, at new lows

The GBP/USD breached below the 1.4900 level on London morning time, reaching Friday's spike low of 1.4887 and extending to even lower prices as the pair tumbles. This move is mostly GBP action.

The market has gone to 1.4872 low, so far, but the GBP/USD hasn't stabilize yet, so more downside may come.

"GBP/USD maintained downside pressure last week and it is on course for 1.4853, the 61.8% retracement of the 2009 move. It is possible that we will see some profit taking here, however longer term we look for losses to 1.4259/29, the 2010 low", wrote Commerzbank analyst Karen Jones, pointing to resistance at 1.5067.

Portugal 4Q Gross Domestic Product (YoY): -3.8%; -1.8% (MoM)

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Forex: EUR/GBP jumps Friday's highs on Pound weakness

British Pound weakness is sending the EUR/GBP higher, off to Friday's highs (0.8743), but still quite far from February's peak of 0.8815. The cross has seen an upmove of almost 40 pips in the London morning, since the 0.8703 low.
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