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Forex: GBP/USD extends its decline below 1.5100

FXstreet.com (Barcelona) - Pessimism has continued to overwhelm sterling sentiment this morning, ahead of the UK inflation figures and the BoE Letter of Inflation due later.

“Generic rate spreads still remain a key driver and there has been a gradual fall in generic UK/US 5year rate spread since late February. This may reflect the markets starting to romance the idea of the Fed tapering off QE as the US economy recovers. If we see US yields start to reflect this view more forcibly then the move lower in the generic UK/US 5y rate spread should point to further downside risks for the pair”, assessed Paul Robson, FX Trading Strategist at RBS.

At the moment, the pair is retreating 0.17% at 1.5081 with the next support at 1.5072 (low Mar.18) ahead of 1.5011 (MA10d) and then 1.4965 (low Mar.7).
On the upside, a breakout of 1.5160 (high Mar.18) would clear the way to 1.5177 (high Mar.15) and then 1.5200 (high Mar.5).

Forex: EUR/JPY may fill Monday gap in the days to come - Commerzbank

The wide gap from Friday’s low at 124.22 to the 55 day moving average at 121.90 can be filled in the days to come as the EUR/JPY bounces after such risk-off weekly opening. “Only a daily New York close above the current March high at 126.03 will put the 127.71 February high back on the map, however”, wrote analyst Karen Jones, pointing to tough resistance at 127.95/129.60, the March 2010 high and the 78.6% retracement of the move down from 2009.
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