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Forex: GBP/USD declines into European session

FXstreet.com (Barcelona) - Having spiked significantly post BoE and ECB meets yesterday, GBP/USD has started to decline after meeting resistance at the weekly high.

Prior to yesterday´s key central bank meets, spot had dipped to post a weekly low at 1.5033, but rocketed higher after the BoE held policy and the ECB´s Draghi soothed market jitters during his Q&A session. The pair made a high at 1.5245, just below the weekly high of 1.5258, and has since started to retrace during the overnight session. Spot has declined from its high and has edged lower to where it currently trades at 1.5270. The first Fibonnaci Retracement ahead from yesterdays Low to High can be found at 1.5195 (23.6%) ahead of 1.5163 (38.2%) where the hourly 200 and 100 MA´s are clustered. Spot is currently finding near term support at the hourly 20 MA, while the 5 MA is indicating short term downside momentum. Further, hourly RSI is at 57 and moving with some downside momentum. Calendar wise we have EU GDP and German Factory Orders ahead at 10:00 & 11:00 GMT respectively, before US NFPs at 13:30 GMT, the undoubted headline event.

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