GBP/USD
April 5th, 2008
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BoE is not as bureaucratic as ECB and the cable looks weak both against the dollar and EUR. GBP/USD is in consolidation and the direction of the next move will be determined by a break of the support @ 1.9720 or resistance @ 2.0050. Thursday the BoE decision could be the trigger for the next leg lower or higher. We favor the downside with next target 1.9335.
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