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Forex: GBP/USD edges higher ahead of BoE decisions

FXstreet.com (Barcelona) - GBP/USD has edged higher this morning ahead of the BoE interest rate and asset purchase decisions (12 GMT), posting a high at 1.5587, before edging lower during the build up.

The pair moved off overnight support around 1.5540 and has steadily shifted higher throughout the morning session. Despite the earlier spike, spot has maintained its upward momentum, and is now currently trading at 1.5571. Hourly MA´s have an upward bias, alongside Stochastics which are at 66 and RSI which is at 73 and edging into oversold territory.

Forex Flash: Bund correction over for now – RBS

According to Technical Strategist Dmytro Bondar at RBS, “Recent price action for Bunds suggests price charts, suggesting the correction is over for now. The selloff however brought quite a significant damage to the charts, taking off the 145.46/50 support on close and moving the price beneath 20-day MA.”
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Buba's Weidmann urges EU countries to continue reform efforts

Bundesbank head Jens Weidmann said today in an interview for a German daily that EU countries should not fight unemployment by cutting down on planned reforms and by using stimulus programs, as this is not how durable employment is created.
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