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Forex: GBP/USD weakens on US session

FXstreet.com (Barcelona) - After failing the upside at 1.5598 high, two pips below the psychological level at 1.5600, the GBP/USD was sidelined at 1.5580 during the Asian session and started its declining tour throughout the London morning to 1.5560. NY money is pushing the pair further down, having reached 1.5532 low, so far.

The GBP/USD has been capping at 1.5600 since May-1. The economic calendar is pretty empty in the US, with only a 3-month and a 6-month debt auction and the Loan Officer Survey.

“The GBP/USD currency pair is still forming the third ascending wave with the target at 1.5615. We think, today the price may continue moving upwards and reach the above-mentioned target”, wrote Roboforex.com analyst Igor Sayadov. “Later, in our opinion, the pair may form a reversal pattern to start a new correction with the target at 1.5325”, he added.

Forex: USD/JPY aims 99.70/100.00 and then 101.27/67 – Commerzbank

The USD/JPY remains sidelined above the 96.99 late April low, but dips lower should find support at 96.71, the March high, and at 95.67, the mid-April low, while key support remains trend and cloud support at 95.40/94.13. “We look for this to hold the downside and provoke recovery, if reached at all that is”, wrote Commerzbank analyst Axel Rudolph. Provided this holds the downside, the USD/JPY targets the 99.70/100.00 resistance area (recent high, Fibonacci retracement and psychological resistance): “This resistance zone is being targeted at present but is likely to cap once again, before eventually being breached. Above here will see an extension to 101.27/67 (the 1999 and 2005 lows). This resistance area is expected to hold the initial test”, he added.
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