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Forex: GBP/USD down at 1.5250 area

FXstreet.com (Barcelona) - The GPP/USD found its lowest price on the US session, at 1.5217, following a gloomy day for the European markets on a IMF report and a higher than expected ILO unemployment rate, despite better claimant counts in the UK. The pair is currently at around 1.5250.

UK claimant count change dropped -7K in March instead of the expected 0K. The rate came in at 4.6% and the February figure was revised lower from 4.7% to 4.6%. However, the ILO unemployment rate rose from 7.8% to 7.9%. The BoE meeting minutes came in largely as expected: 9-0 in favor of unchanged rates and 6-3 for unchanged QE (Fisher, Miles, and Governor King voted for a £25bn extension).

The IMF expects the US and Japan economies to improve thanks to Fed and BoJ stimulus, while the global economy remains at risk due to the Eurozone crisis.

“Hourly supports are at 1.5239 (08/04/2013 low) and 1.5200 (05/04/2013 low). Hourly resistances can be found at 1.5412 (11/04/2013 high) and 1.5451 (20/02/2013 high)”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet, expecting to see further gains.

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