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GBP/USD testing 1.4900

FXStreet (Edinburgh) - The re-emergence of the US dollar following the dovish FOMC statement on Wednesday is dragging GBP/USD to the vicinity of 1.4900.

GBP/USD back from 1.5170

The pair briefly visited the area of 1.5170 following the USD sell off in the aftermath of the FOMC meeting and subsequent press conference by Chairwoman Yellen. The upside, however, lacked of conviction and relegated spot back to the 1.4900/1.4890 area in early trade today.

Nothing from the UK docket today, with US releases and the dollar dynamics remaining the main drivers for the pair’s price action.

GBP/USD key levels

The pair is now retreating 0.52% at 1.4899 with the next support at 1.4646 (low Jun.17 2010) ahead of 1.4600 (psychological level). On the flip side, a break above 1.5000 (psychological level) would aim for 1.5172 (high Mar.18) and finally 1.5200 (psychological level).

USD/JPY hovers around 120.50

The US dollar swung higher versus the Japanese counterpart ahead of Europe open, boosting USD/JPY to fresh daily highs above 120.60, the US dollar corrected heavy losses from the previous session after the yen jumped to fresh three week highs on FOMC.
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WTI drops 2% as Oversupply worries return

WTI oil futures on the Nymex pared FOMC back rally and fell back in red today as a sharp recovery in the US dollar coupled with record high US supplies continue to dent investors’ sentiments.
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