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Forex: GBP/USD reaches 1.5750

Unable to extend gains above 1.5810, the GBP/USD eased across the chart still ahead of the London opening, finding its current daily low, at 1.5750, as bells jingled.

The economic calendar is practically empty, with Asian New Year and Carnival weighing on trading volumes. France published its December Industrial Output at +0.1% (MoM), instead of the -0.2% expected. Output had risen 0.5% in the prior month. Next will be Portugal Global Trade Balance.

“The Elliott wave count on the daily chart is suggesting that we allow for the possibility of a deeper retracement towards 1.5913 and possibly 1.6000, the 38.2% and 50% retracements of the move seen this year. However we then look for failure and a retest of the trend line”, wrote Commerzbank analyst Karen Jones, favoring a break below here to 1.5271/35 (2012 low) in the longer term.

Forex Flash: Euro stabilises after verbal intervension from ECB – BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the Euro has stabilized at lower levels following last week’s verbal intervention from ECB President Draghi which was a subtle attempt to dampen the pace of Euro appreciation in the near-term.
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Forex: EUR/USD bounces to its daily highs

The EUR/USD was finding resistance around 1.3390 and went for a retest of the 50% retracement of the move higher seen this year, to as low as 1.3358. The European opening pulled the pair back up towards that resistance area, ten pips below the 1.3400 psychological level.
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