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 Forex Analysis
07

Forex: GBP/USD below 1.5600


FXstreet.com (Sydney) – The GBP has continued to lose ground against the dollar and is at its lowest level since May last year. Cable is currently trading at 1.5598. The pair had earlier opened at 1.55901 but had been as low as 1.5574 before recovering to current levels. The pair currently finds support at 1.5536, resistance is at 1.5630 and is considered slightly bearish.

The pound weakened against a resurgent dollar which benefitted from a return of risk aversion. Negative sentiment on the global economic recovery boosted the greenback against the major currencies. This trend is likely to continue this week.

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