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Forex: GBP/USD approaching daily highs after Cyprus PM resignation

FXstreet.com (Barcelona) - Having approached the daily low of 1.5074 (going to 1.5077) in early US session, the GBP/USD bounced back to retrace its losses and rise towards its highs as reports say the Cypriot Parliament postponed the vote for tomorrow and, more importantly, the Prime Minister submitted his resignation. The pair reached as high as 1.5136, getting closer to 1.5145 daily high.

US Building Permits rose from 0.904M to 0.946M in February, beating consensus of 0.925M. January data was revised lower, from 0.925M. US Housing Starts also improved more than expected, from 0.910M (revised from 0.89M) to 0.917M. Market consensus was at 0.915M.

“Downside is for now supported at 1.5070, range floor and hourly 55 day EMA, with break through 1.5175, to open 1.5200/25, above which will confirm bottom and allow for stronger recovery”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 1.5000 and 1.4830/1.5175 in case of a drop below 1.5070.

Forex: GBP/USD pares losses to trade at 1.5130/31

The GBP/USD has surged higher off the 1.5080 mark during American trading Tuesday, regaining the 1.5100 level en route to 1.5130/31 in these moments. Having erased its losses, the pair now operates in positive territory, +0.12% above its opening.
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Cyprus finance minister resigns

According to MNI, Michalis Sarris, the Cypriot Finance Minister has resigned on Tuesday. However, Cyprus President Anastasiades has rejected Sarris' resignation.
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