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Forex Flash: Bullish bias persists in EUR/USD, GBP/USD and USD/JPY – Scotiabank

FXstreet.com (Barcelona) - Ahead in the week, further gains could be in the pipeline for both the euro and the sterling, as the wave of Japanese liquidity would remain the main catalyst for price action. The BoE minutes are expected to be a non-event and thus the pound would find another source for extra support.

According to E.Theoret, Strategist at Scotiabank, the outlook for all three major crosses is bullish: in the case of the euro, “signals are in buy, but spot’s failure to close above the 50day MA is a concern”. Regarding the sterling, he added that “all signals also in buy territory; we favour long positions”. For the USD/JPY, “all signals in buy territory, a break above 100 is likely to accelerate buying”.

Forex: GBP/JPY consolidates below 152.00

After declining from highest since August 2009 at 153.85 and break below the 152.00 level, the GBP/JPY found support at 121.65, where the pair has been trading in consolidation mode just below the 152.00 area. Currently the pair is trading at 151.90, 0.93% below opening price.
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Forex: GBP/USD hits fresh lows ahead of the closing bell

The Cable weakened further and fell toward a marginal new low at the end of the trading session on Friday weighed by market's cautious mood.
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