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Forex: GBP/USD backs away from highs

FXstreet.com (Córdoba) - The British pound is giving up ground versus the dollar at the beginning of the NY session, as the recent rally found resistance at 1.5545 where the pair scored a 2 ½-month high earlier on the day.

GBP/USD was rejected from highs and briefly dipped back below 1.5500 to touch a session low of 1.5498 amid profit taking. At time of writing, GBP/USD is trading around 1.5505/10, still 0.2% above its opening price.

As for technical levels, next resistances are seen at 1.5545 (daily high), 1.5570 (100-day SMA) and 1.5600 (psychological level). On the other hand, below 1.5500 supports line up at 1.5470 (daily low), 1.5417 (low Apr 26) and 1.5400.

Forex: USD/JPY ranges below 98.00

The USD/JPY remains unable to reach the 98.00 handle after three attempts since the European opening, two capping at 97.97 and the latest at 97.91. After the early fall from 98.00 ground to 97.32 low, this ranging period has been held by 97.65/70 area on the downside. The US economic calendar still has pending home sales and Dallas Fed manufacturing business index ahead.
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Forex Flash: Fed & ECB lead the way this week - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the Fed and ECb meets are coming up this week and the broadly weaker near-term growth indicators across the world have spurred central bank easing hopes, which has supported risk assets in recent days.
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