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Forex: GBP/USD still forming possible “bear flag” on daily chart

FXstreet.com (Barcelona) - The GBP/USD remains in a narrow range during Asia trade, currently flat on the session at 1.5236. Economic data out of the UK is light in the coming session, with Mortgage Approvals due out at 8:30 GMT. The US session will also be fairly quiet with Durable Goods do out at 12:30GMT.

The recent correction higher on the GBP/USD daily can still be viewed as a bear flag, with a close below the lower trend line (1.5200) needed to confirm the pattern. Only a close above the upper boundary of the flag pattern (1.5500) would negate the pattern. The measured move from the bear flag has targets all the way down near 1.4370. Also of note, the RSI (14) remains in the bearish zone after failing at the 60 level numerous times in early April. The pair might be in the need of a catalyst in order to confirm the pattern which could be the GDP data due out of the UK later this week.

Forex Flash: China’s economy less about exports and more about domestic services - Rabobank

“The Flash estimate of China’s HSBC-sponsored manufacturing index fell in April to 50.5. The index averaged 50.1 through 4Q 2012 and then improved to average 51.3 in 1Q this year,” Rabobank International Financial Markets Research team noted.
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Forex Flash: Expecting a cut in ECB rates for May/June - RBS

“We did not (and still do not) believe that a cut in the main refinancing rate will do much good, but the tone of commentary by members of the Governing Council since the last meeting has led us to change our call,” analysts Richard Barwell and Xinying Chen at RBS say, adding: “We now think the Council will cut the refi rate and although it is a close call, we think that cut comes in May; failing that it should arrive in June.”
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