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Forex Flash: What does the GBP/USD have to offer? – RBS, Commerzbank and UBS

FXstreet.com (Barcelona) - The sterling is advancing marginally on Tuesday, unable to follow through the key resistance at 1.5200 as Cyprus woes continue to weight on investors’ sentiment.

“The less dovish BoE minutes last week is likely to have contributed to the slight pull back in the amount of easing priced in for the BoE compared to the previous week. However, this pull back seems likely to be reversed if data continues to point to a weak economy given the BoE may end up with little choice but to ease policy further”, assessed Melinda Burguess, FX Trading Strategist at RBS.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented after the cross returned to the area of 1.5270: “It is possible that we will see the up move terminate here, but the intraday charts are giving conflicting signals and the Elliott wave count suggests that we should allow for a 1.5350/1.5475 move prior to failure”.

In addition, G.Yu and G.Berry, Strategists at UBS, confirmed the bank’s neutral outlook on the cross, saying, “Resistance is at 1.5321 ahead of 1.5424 - which should hold any upside. Support is at 1.5102 ahead of 1.5027”.

Forex: USD/JPY bounces after kissing 94.00 line

After yesterday’s move to 93.54 low just as Fed’s Bernanke gave his speech, the USD/JPY eventually recovered ground back to 94.00 area and went as high as 94.45. Early European flows invited the pair to test the 94.00 psychological level before engaging in a new upside attempt, currently peaking at 94.36.
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Fundamental Morning Wrap: Eurogroup Gaff causes investor panic

This morning´s institutional research has made way on the center stage for Japan to join Cyprus in focus. Commentary from the new Japanese BoJ Gov. Kuroda has continued with the dovish theme while in Europe, Eurogroup chair Dijisselbloem had a foot-in-mouth moment which had to be sharply retracted, after he implied that the Cypriot model would be applied to future European bailouts.
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