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Forex: GBP/USD down on UK CBI realized trades

FXstreet.com (Barcelona) - The GBP/USD tested the 1.5200 handle on the upside but failed to hold, then giving away its gains throughout the London morning. The release of CBI realized trades data sent the market lower, to 1.5162 low for now.

UK CBI Realized distributive trades came in at 0 in March, down from 8 and disappointing analysts aiming at 11.
However, expectations for April are higher, with forecasted sales from 8% to 15% (highest since December). Chancellor Osborne is testifying to the Commons Treasury Panel regarding the Budget.

“The intraday bias is negative, targeting 1.5100 reversal area, before next leg upwards, to 1.5330”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to minor resistance at 1.5220 and crucial support on the downside at 1.5025 low.

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