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EUR/GBP limited below 0.8430 on Euro weakness

FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading around fresh session lows at 0.8420 slightly lower from previous weekly close Friday mostly due to Euro weakness over Pound, bouncing from Friday's 7-month lows at 0.8391.

EUR/GBP bounce maybe in order

“A bullish hammer at channel support by April/May lows near 0.84 suggests a bounce may be in order,” said IFRMarkets analyst, adding: “Resistance is at 0.8480 and our stop may be in danger if such a bounce materializes. We may exit this trade early if new lows are not achieved quickly.”

EUR/GBP key technical levels

Immediate support to the downside for EUR/GBP lies at Thursday's lows at 0.8407, followed by Friday's fresh 7-month lows at 0.8391, and Feb 2011 lows at 0.8356. To the upside, closest resistance shows at Wednesday's lows 0.8426, followed by Tuesday's lows at 0.8440, and Thursday's highs at 0.8465.

AUD/USD is heading upwards on China data and after weekend elections

FXstreet.com (Athens): The AUD/USD opened higher today, probably on Saturday’s elections and solid Chinese data released on the weekend.
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Flash: Selling EUR bounces still name of the game - JPMorgan

he squeeze off lows last Friday was aided, as JPMorgan Strategists note, "by broad based liquidation of USD long which built up after strong non-manif ISM."
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