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Forex: GBP/USD jumps over 30 pips to trade in positive territory

In what looked like a rather bleak affair this morning turned into one of optimism as the GBP/USD jumped over 30 pips in recent minutes off of the 1.5640 mark to trade positively Wednesday. At the time of writing, the cross is showing signs of life, having settled in the area of 1.5670/71, clinging to a narrow +0.07% gain during European trading.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The GBP/USD continues to trend lower after a previous attempt at 1.5673/84 failed resulting in the testing of the next target at 1.5634, (16 August low), ahead of the psychological 1.5600 level. Yesterday’s outside day confirms the negative structure and keeps the downside favored, as lower timeframe studies maintain bearish tone and keep immediate focus at 1.5600.”

In an unlikely move positive in recent moments, Drvenica isolates the next resistances at 1.5673, onto 1.5684, and eventually 1.5700. Conversely, a waning in the GBP/USD will initiate supportive correction found at 1.5629, 1.5600 (key barrier), and finally 1.5550.

Forex: EUR/USD holds at 1.3520 despite pressure

The EUR/USD has been easing again today, since the Asian session, from just below the 1.3600 mark, and sharpened the fall on European money flows down to 1.3514 low. However, the area surrounding 1.3520 has been holding the pair against more downside. Thar market trades at 1.3530 (-0.40%) as of writing.
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Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the yen has continued to weaken overnight following the announcement yesterday from BoJ Governor Shirakawa that he will step down earlier than expected on the 19th March.
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