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Forex: GBP/USD settles within a range after steep decline

After dropping more than 150 pips and hitting its lowest level in over 6 months in the wake of the BoE King comments, GBP/USD managed to stabilize in a narrow range.

As most crosses in the FX space, GBP/USD showed muted reaction to the latest string of US data, which came mainly in line with expectations, and it is currently trading around 1.5570, where it prints a 0.6% daily loss, having bounced from 1.5532.

"Technical readings in 4 hours chart are also strongly bearish, while daily low of 1.5532 acts as immediate support; a daily close below 1.5500, will confirm the continuation towards 1.52 over the next few days", says Valeria Bednarik, chief analyst at FXstreet.com.

Forex: EUR/USD ignores US inventories, trading quietly

After peaking at 1.3520 and retracing to 1.3465 after US data publications, the EUR/USD is holding strong above 1.3575 (yesterday's high), trading at 1.3480 (+0.20% on the day).
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Forex: EUR/GBP holds at 0.8554 (31/01/2013 low)

The EUR/GBP rallied to as high as 0.8684 during the London morning after the BoE Quarterly Inflation Report and BoE Governor Mervyn King's speech. The cross has been wandering around 0.8654 most recently, +0.77% on the day.
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