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Forex Flash: GBP/USD remains bearish long-term – Commerzbank

The sterling is extending its correction lower from tops above 1.5840, breaching the key support at 1.5800 as of writing, although trading well into the positive territory so far.

Karen Jones, Head of FICC Technical Analysis at Commerzbank suggested that the late rebound would lack of sustainability, as the focus remains on the downside. “We note that the daily RSI has not confirmed the new low and would expect this to hold the initial test, but longer term, we in fact favour a break below here to 1.5271/35, the 2012 low”, Jones concluded.

The expert also remarked that upside attempts should find strong resistance in the area around 1.5879.83, where sits the 200-day moving average.

Forex: USD/CAD consolidates above parity

The Loonie is giving away ground against the buck on Friday, pushing the cross above parity after strong reading from the US trade balance, eclipsing the drop of the Canadian jobless rate and the better trade deficit figures...
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At the moment, the cross is losing 0.20% at 1.3371 facing the next support at 1.3349 (low Jan.25) ahead of 1.3265 (low Jan.23) and then 1.3215 (Lower Bollinger). On the flip side, a break above 1.3462

The pessimism around the euro after Draghi’s press conference on Thursday continues to weight on the cross, now dragging the single currency to the region of 1.3650, as the trading week draws to a close...
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