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Forex: GBP/USD drops below 1.5750

The GBP/USD didn't hold above 1.5750/60 for long, and downside pressure pushed the pair for a new plunge that is approaching the 1.5700 psychological level. As of writing, the market trades at 1.5712.

The daily candlestick is close to fully retrace Friday's gains as it is also almost pointing to a 100-pip drop.

“With 4h studies holding in the negative territory and 38.2% of 1.5630/1.5843 rally being retraced so far, near-term risk of losing 1.5740/00 supports that would bring near-term bears back in play, for possible re-visit of 1.5630/00”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to the need of clearance of 1.5877 and close above here, with regain of minimum 1.5900 to confirm reversal pattern.

Forex Flash: US/European equities look to consolidate – Goldman Sachs

According to the Economics Research Team at Goldman Sachs, “We expect global growth to improve from 3.1% in 2012 to 3.3% in 2013 and accelerate further to 4.1% by 2014. However, due to the drag from fiscal contraction we only expect the US to reach a trend-like level of growth by 4Q 13.
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Forex Flash: What to do with EUR/USD? – Westpac, UBS and Commerzbank

The bloc currency is back to the 1.3385/90 region on Monday, waiting for any news from the Eurogroup meeting, where the main topics would be the recapitalization of the banking sector and the recue package for Cyprus....
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