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Forex: GBP/USD retreating from highs, around 1.5435/40

FXstreet.com (Barcelona) - After hitting session highs in the boundaries of 1.5480, the pound is now giving away part of those gains and trading back to the 1.5430/35 region, as risk aversion is creeping back to the markets.

In the wake of the positive figures from the UK GDP for the first quarter, Director of Asset Allocation at Fidelity Worldwide Investment, Trevor Greetham, commented, “The UK economy is still bumping along the bottom. It isn't enough to print money, someone has to spend it. Now the UK has lost its triple-A rating, the Chancellor should loosen the purse strings. Japan is doing exactly that and the government's cost of borrowing is lower than ever”.

GBP/USD is now advancing 1.11% at 1.5439 and a break above 1.5452 (high Feb.20) would open the door to 1.5544 (high Feb.14) and finally 1.5550 (high Feb.15).
On the flip side, support levels align at 1.5270 (MA21d) ahead of 1.5265 (hourly lows Apr.25) and then 1.5227 (low Apr.24).

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