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EUR/GBP retreats from 2-week high

FXStreet (Córdoba) - EUR/GBP reached a 2-week high on Wednesday as the pound weakened sharply on the back of the Bank of England meeting minutes.

EUR/GBP rose more than 80 pips during the European session and hit a high of 0.7248 before easing slightly. At time of writing, the pair is trading at 0.7230, recording a 0.65% gain on the day.

UK Budget Report showed the official growth estimate for 2015 was revised up to 2.5% from Dec 2.4% and expects unemployment to fall to 5.3%. Finance minister George Osborne also said he will raise UK personal tax allowance.

EUR/GBP short-term technical outlook

From a technical perspective, Phillip Konchar, analyst at Trader Cast, said that confirmed breakout higher could target further upside resistance at 0.7265 followed by 0.7310 and 0.7373. “Downside is supported at 0.7200. Loss of that level could target further downside support at 0.7150 followed by 0.7105”.

USD/JPY risks a test of 120.50 – Scotiabank

With USD/JPY breaking below the 9day MA at 121.23, Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank views that the pair risks a move lower.
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US stocks drop ahead of Fed policy decision

Wall Street is suffering losses in the early session as investors await fed policy decision and any guidance on when the central bank plans to begin policy normalization.
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