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Forex: GBP/USD flat above 1.5200

FXstreet.com (Barcelona) - The sterling keeps last week’s positive momentum trading above the key level of 1.5200 on Monday, also lifted by the generalized optimism after Cyprus reached a last-minute deal.

According to the last CFTC COT report, the FX Research team at TD Securities informed “Investors remained sour on the GBP and extended net short positions, now the largest net short since October 2011. A turn in UK data with the stronger retail sales report has provided a lift to the GBP since then however, and likely reduced the number of shorts”.

At the moment, the cross is up 0.02% at 1.5234 facing the next resistance at 1.5266 (Upper Bolliinger) followed by 1.5330 (high Feb.22) and then 1.5452 (high Feb.20).
On the other hand, a breakdown of 1.5090 (low Mar.21) would bring 1.5079 (MA21d) and then 1.5061 (MA10d).

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