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Forex: GBP/USD up to 1.5168 high after UK CB data

FXstreet.com (Barcelona) - The GBP/USD surpassed the first London morning upside barrier at 1.5144 and rose to 1.5168 high after the release of UK CB Leading Economic index. February data rose from 0.1% to 0.4%. Ahead is BoE and MPC member Dale's speech at 11:00 GMT.

EMU CPI rose 0.4% as expected in February, retracing part of the -1.0% drop, with annualized data easing from 2.0% to 1.8%, also in line with consensus. Core data stayed at 1.3% (YoY). Labor cost eased from 1.8% (revised from 2.0%) to 1.3% in Q4.

“Yesterday's break above 1.4980 resistance signaled, that a bottom is in place at 1.4830 and the outlook here is positive above 1.5080 intraday support, for a rise through 1.5200, en route to 1.5330”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to crucial support at 1.4980.

Portugal given time until 2015 to implement spending cuts

The EU, ECB and IMF officials announced today that Portugal would be granted an additional year to implement spending cuts required by the bailout program and gave the go-ahead for releasing the next, 2 billion euro tranche of aid for the country.
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Forex: EUR/GBP pares losses and returns to 0.8616/20

The EUR/GBP has pared its losses after an earlier setback that dragged the pair to the 0.8603 region (intraday minimum) Friday. After the release of economic data in the EMU however, the pair has recovered the mark of 0.8616/20, returning to opening levels during European trading.
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