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Forex: GBP/USD trimming earlier losses

After bottoming in the area of 1.4865/70, the sterling has managed to pick up pace and leave behind the key resistance of 1.4900, climbing to the area of 1.4915/20 although faltering later.

“Despite momentum being ‘oversold’ it’s still falling and there appears little chance of a trend reversal in the short term. Look for potential support at 1.4783 otherwise expect the sell off to continue to the 1.4234 level before a significant turnaround”, assessed William Moore, Strategist at RBS.

At the moment, the cross is losing 0.07% at 1.4911 with the next support at 1.4803 (low Jun.23 2010) followed by 1.4798 (Lower Bollinger) and then 1.4688 (low Jun.22 2010).
On the upside, a breakout of 1.5047 (high Mar.8) would expose 1.5063 (MA10d) and finally 1.5083 (high Mar.7).

Forex: USD/JPY falls again to the opening price near 96.00

The USD/JPY is failed its attempt at extend the upside again after peaking at 96.20 just ahead of the NY opening and allowing a down move back towards the opening price of 96.04 and the 96.00 mark, by going as low as 96.02.
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Forex Flash: Further GBP/USD weakness to 1.45/1.50 range expected - RBS

The GBP/USD extended its decline below the 1.5000 mark to reach fresh lowest level since June 2010 at 1.4865. Currently the pair is trying to recover the 1.4900 region and it is trading at 1.4910 but according to UBS's strategist Paul Robson, "further GBP/USD weakness is expected".
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