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Sterling lower, testing trendline support

Both sterling and euro are lower as we see London beginning to enter the market. Seen below, the GBP/USD is testing some possible short-term trendline support around this 1.6440 level. If support holds we look to the 100 hour moving average as the topside target. However, if we see support broken we look to the 61.8% fibo level which comes in at 1.64175.


Sterling firmer in recent trade

The GBP has strengthen in recent trade against all of the major currencies. In the case of the GBP vs. USD, the pair has been shown support by the 200 hour moving average until it made moves higher through the 23.6% line with the next target in sight being 1.63021.


Cable completes hourly retracement

On the hourly move from April 6th low to the high on the 8th, the GBP/USD has completed a full retracement but appears the pair will not hold these levels down here as it has already rebounded 30 points. In the case we see it continue higher, the next level upward is 1.63127.


Cable moves through previous daily high following PPI release

On the back of better than expected PPI data out of the U.K. the GBP/USD moved higher through the previous daily high of 1.63992; making a new high of 1.64267. Seen below the next significant level higher is 1.64558; the high from January 19th, 2010. A positive CB leading index reading (due out in less than 20 minutes) could be the boost the pair needs.


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