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Forex: GBP/USD takes profits after UK CBI disappointment

FXstreet.com (Barcelona) - The GBP/USD could only rise to as high as 1.5288 ahead of UK CBI realized trades data and after a disappointing figure, the pair is erasing gains at 1.5265, still above yesterday’s close at 1.5228.

Market consensus was expecting better weather in April to help the CBI realized trades to outperform yesterday’s industrial survey, rebounding after 4 declining months in a row, but the figure fell to -1 instead of rising from 0 to 7. Earlier, UK MBA Mortgage Approvals rose from 30.5K to 31.2K, as expected in March.

“A break of this support would open the way for a further short-term decline towards the support at 1.5027 (20/03/2013 low). An hourly resistance is at 1.5298 (23/04/2013 high)”, wrote MIG Bank analyst Bijoy Kar and Luc Luyet, expecting further medium-term decline but monitoring the resistance at 1.5424 implied by the 38.2% retracement of the decline from 1.6381 (02/01/2013 high).

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