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Forex: EUR/GBP eases back into range

FXstreet.com (Barcelona) - Despite volatile price action yesterday in and around the BoE and ECB meets, EUR/GBP has moved back into the range that it has held for the most part of the week so far.

The pair has declined into the European session, posting a low at 0.8477 and looks to have found support, climbing gently to where it is currently trading at 0.8486 just above the daily pivot point at 0.8483. Price is receiving a touch of near term support from the hourly 20 MA which sits at 0.8483 ahead of today´s key European data, namely EU GDP and Retail Sales at 10:00 GMT and German Factory Orders at 11:00 GMT. Needless-to-say however, the headline event remains US NFPs at 13:30 GMT and price action may be relatively subdued beforehand. Hourly RSI sits at 51 and looks neutral of directional sentiment.

Forex Flash: What does the EUR/USD have to offer? – UBS and Commerzbank.

The single currency is trading on the back foot on Friday, trimming yesterday’s gains after the increased risk appetite in combination with buying interest in the area of 1.2740 lifted the cross to weekly...
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Forex Flash: GBP/USD with tough resistance at 1.5269 – Commerzbank

The GBP/USD has held the initial test of the 1.5028 20th March low after trading through the 20 day moving average. “We have yet to see a close below the 20 day ma at 1.5122 and yesterday’s outside day to the topside suggests that the market is reluctant to break down yet”, wrote analyst Karen Jones, adding that while capped by the 1.5269 June 2012 low, they will maintain an immediate bearish bias. “Once the close below the 20 day ma has been seen this should be enough to trigger another leg lower to the psychological 1.5000 region then the 1.4832 March low”, continued the Commerzbank analyst, pointing to longer term target at 1.4229 (2010 low) while 1.5269 is tough resistance (June 2012 low).
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