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Forex: GBP/USD to 1.40 below 1.5220 - FXWW

Following a first article on the gloomy outlook of the Cable, in which Sean Lee, founder at FXWW, predicts the GBP/USD downtrend looks set to intensify should weekly support at 1.5250 give up, the analyst is out with additional views on the pair, saying that the sideways movement from the last 4 years may take the pair as low as 1.40.

"Chatter from the market suggests that both option and real money players are poorly positioned and if they have to start chasing it lower then it will fall vertically with levels back near 1.40 a possibility in coming months. Don’t try and bottom pick this pair, that’s my advice, or at least wait until the interbank panic starts to subside" Sean notes.

If cable is to fall off a cliff, then EUR/USD should follow suit to some small degree, Sean says, adding that the real beneficiaries would be the EUR/GBP longs, as the pair "may go through the roof" he notes.

Japan confirms quarter to quarter contraction

Japan's gross domestic product in the last quarter of 2012 came at -0.1%, against expectations of + 0.1% and last reading of -1% (downward revision) in the third quarter of 2012. Meanwhile, Japan's Q4 GDP annual declined to +0.4% vs a forecast of +0.4%. Japan's -0.1% GDP quarterly read represents a quarter to quarter contraction, also known as technical recession, the third since the global financial crisis of 2008.
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Forex: NZD/USD breaks 0.8480 resistance; 0.85 is next

After the break-up of a pennant pattern, the NZD/USD has found enough follow through to now be breaking the 0.8480 resistance - Feb 4 high - as it seeks to kiss the round number at 0.85. A break above, exposes next resistance area at 0.8565/70 - Aug 2011 high - ahead of 0.86. On the downside, sequence of steady bids between 0.8450 up to 0.8480 should be noted.
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