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Forex: GBP/USD above 1.5750 ahead of London open

Cable has held up pretty strongly among majors for last Asia-Pacific session, last at near session highs 1.5762, up +0.43% for the week so far, following massive sell of over Friday, post-NFP. The pair is still capped below the 50% Fibo retrace of this leg down at 1.5775 price zone, yesterday's highs, and Friday's NY session lows.

London session ahead will bring UK Services PMI data at 09:30 GMT, expected to come slightly lower than 50, level that indicates economic expansion, at 49.8, for second month in a row, for first time since early 2011. GBP is one of strongest currency among majors for last trading hours, even stronger than Yen or CAD, the two other strongest majors for last hours.

Immediate resistance to the upside for GBP/USD shows at recent session/yesterday's highs 1.5765/75, followed by Jan 21/23 lows at 1.5800, and Jan 25 highs at 1.5828. To the downside, nearest term support lies at recent session/Jan 25 lows 1.5744, followed by Jan 30 lows at 1.5724, and Jan 28 lows at 1.5675.

Forex: Time for a meaningful correction in EUR/USD?

The Euro continues to relax lower against a more challenging U.S. Dollar. The pair approaches the European session over 200 pips off its cycle highs with the key confluence support at 1.3480 now in danger.
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Session Recap: Aussie hit by dovish RBA; EUR/USD at key juncture

The Australian Dollar was the main laggard during the Asian session, after the RBA monetary decision threw cold water on long players hopes to appreciate the spot rate.
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