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Forex: GBP/USD stable around 1.51 despite the turmoil

FXstreet.com (Barcelona) - GBP/USD has been quite stable during the Asia-Pacific session given the turmoil going on with Cyprus bailout that has sent Euro to fresh 3-month lows. Cable is last at 1.5094, barely 20 pips below previous weekly close Friday, helped on EUR/GBP cross selling. The London session ahead will offer a blank agenda in terms of Pound related risk events, with key UK CPI at sight for tomorrow.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows price struggling around a flat 20 SMA while indicators bounce higher from their midlines, giving a slightly bullish tone to the pair,” the analyst notes, adding: “If panic takes over the market however, dollar demand will likely weight on the pair and send it lower: the 1.5050 is then the point to watch as once below, the slide will likely continue towards 1.4980 price zone,” she concludes.

Valeria sees support levels at: 1.5090, 1.5050 and 1.4980, while resistance levels at: 1.5175, 1.5220 and 1.5260.

Session Recap: Cyprus all over the place and EUR/USD below 1.29

Asian session has been all over Cyprus, starting with a plunge in EUR/USD down to 1.29 straight from Friday close around the 1.3075 level, as markets showed didn't like conditions imposed to Cypriot savers, who would have to suffer a levy on deposits from a -9.9% to a -3.5%, still to be decided in parliament. EUR/USD is last at fresh 3-month lows 1.2886, down -1.48% for the week so far.
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Forex: EUR/USD hovering over 1.2900 after Cyprus

The single currency opened sharply lower on Monday after the bailout in Cyprus spooked market participants and intensified the fears surrounding depositors’ funds...
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