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Forex: GBP/USD strengthens on London opening

FXstreet.com (Barcelona) - With 1.5980 holding the downside yesterday, the GBP/USD spent this whole time trading sideways mostly at 1.5985/1.6005 range. The London opening is now allowing a more ambitious movement, as the pair printed its high at 1.6024, for now.

No UK data will be on display today, market participants may still react to the ECB monthly report, EMU construction output, and 10-year bond auctions in France and Spain, during the European morning. Later, the US economic calendar will provide the update of jobless claims.

“With recovery attempts being limited at 1.6000, now reverted to resistance and bears fully in play on near-term studies, immediate risk is seen towards 1.5960, Fib 76.4% of 1.5826/1.6380 and 1.5900, 200 day MA”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to resistances at 1.6000, followed by 1.6030 (previous lows / 55 day EMA) and 1.6050 (Fib 38.2% of 1.6177/1.5974), clearance of which would ease immediate bear pressure.

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