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Forex: GBP/USD opening in 1.5350 territories

FXstreet.com (London) - Sterling has started the European session decisively below the 1.5400 handle where it fell over 100 pips last week to trade at its lowest level in 2 weeks, finding bids at 1.5310. It is currently trading at 1.5360 at the time of writing.

There has been a decline in Sterling from 1.5606 already this month in the face of broad dollar strength and renewed optimism for a recovery in the USA. Else where, Central banks can be seen to be easing and reform in such economies as, say, Japan, are weakening their currency, which have been seen to support the dollar and dollar denominated investments. Given the sharp decline in Sterling, bears may be hesitating this morning ahead of a jam-packed week of economic data and hourly indicators are slightly bullish for the moment for the pair. Support is seen at 1.5350 with EMA10 1.5356.

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