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Forex Flash: Gilts operating in range that suggests upside bias – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “Gilts have stayed in a range between 20-day MA and 115.75 support level, while a range breakout will be likely to determine further direction. There are no strong direction signals from the chart. However, as cross-market signals suggest, there is more likelihood of an upside breakout, which means a break of the 20-day moving average. As it was the main limiting factor for the market, a push higher would be likely to trigger a strong move to 117.20 onto possibly 117.78. Alternatively, a downside break would be a signal for a move to 115.67/51.”

Forex: GBP/USD gets below 1.5700

The GBP/USD downward saga today didn't end at the 1.5700 support, as investors pushed the market lower just recently. The chart sees the pair quoting at 1.5680, daily low. Last week's low was at 1.5632 (-0.73%), and traders might find interesting to test that area.
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Forex: EUR/JPY returns to 125.00

After last week's high at 127.70, profit taking followed and moved the EUR/JPY down to 123.44 low. Today, the EUR trades stronger and the JPY weaker, allowing the cross to retrace some of the recent losses. The EUR/JPY returned to 125.00 (+0.87%).
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