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Forex: GBP/USD gathering traction above 1.5200

The sterling is consolidating intraday gains above the key support at 1.5200 on Thursday, recovering part of the ground lost in the last weeks and partially retracing the post-FOMC sell-off.

The GBP found extra support after the UK Budget surplus expanded to £11.4 billion during January, the largest level in the last five years.

At the moment, the GBP/USD is losing 0.03% at 1.5228 and a breach of 1.5125 (low Jul.21 2010) would aim for 1.4949 (low Jul.12 2010) and finally 1.4873 (low Jul.1 2010).
On the flip side, resistance levels are located at 1.5240 (high Feb.21) ahead of 1.5268 (Lower Bollinger) and 1.5452 (high Feb.20).

Forex: EUR/USD bounces back to 1.3200 after lower Spanish yields

The European morning 100-pip fall to as low as 1.3178 was triggered by the release of Markit PMI data, with weakening EMU figures, Germany manufacturing little above the 50.0 threshold and France underperforming Germany. The pair is moving back to the 1.3200 psychological level following the Spanish bond auction.
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