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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.

The BoE statement said the UK GDP will stay below pre-crisis level until 2015 and CPI should stay above target for most of the next three years. BoE Governor King believes the UK is set for a less normal recovery and that further monetary stiimulus might only boost market optimism, and not economic growth.

“EUR/GBP continues to rise from its support at 0.8441 (22/01/2013 high)”, wrote MIG Bank analyst Bijoy Kar, pointing to the break of hourly resistance at 0.8554 (31/01/2013 low), and an hourly support at 0.8541 (12/01/2013 low).

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.
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Gold trading at $1645.15

Despite the fact Gold prices reached as high as the 1652 region today, “we remain concerned, as two factors suggest a rebound, the metals failure to close below 1647.00 yesterday, in addition to the bullish harmonic Gartley that could be completed at 1640.00 level yesterday.” warns the ICN.com Analyst team. “In any case, we will continue to hold onto our bearish downside targets, however we will move our stop loss level to entry point for a risk free trade. A daily closing below 1647.00 could give the bearish scenario further confirmation.”
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