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FXstreet.com (Barcelona) - Emmanuel Ng believes that looking forward, there may be yet more room for EUR consolidation given that the common unit has of late ignored the slight capitulation of Eurozone risk premiums.

He writes, "However, the ECB meeting today will likely prove pivotal for further short term directionality by either dislodging the pair from its recent gradient or enhancing its upward bias. In the interim, expect resistance towards 1.3620 and then 1.3710 while we expect a n initial floor to materialize on any dips to 1.3385."

Looking to GBP, he notes that Cable may be expected to remain top heavy ahead of the BoE MPC meet as well as incoming BOE governor Carney's testimony before Parliament today. The next downside level at 1.5600 may remain conspicuous in the interim and little visibility on subsequent support levels are expected until the 1.5470/90 vicinity is reached. Elsewhere, we continue to stay supported on the EUR-GBP.
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