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GBP/USD is trading above 1.3055, above the lows. The EU will reportedly allow a Brexit extension to May 22nd, conditional on Parliament's approval of the deal. The USD is also taking a breather from its recovery.

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It was a tough week for the greenback, which remained out of the market's favor after the mixed employment report released in the previous week, and weaker-than-expected US data released throughout the week. American CPI increased by 1.5% YoY in February, while the core reading printed 2.1%, below the previous estimate of 2.2%, slightly below the market's expectations.




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GBP/USD was unable to take full advantage of the Fed's dovish decision as Brexit remains in the air. Eight days to the official exit date and UK PM May blamed MPs for the mayhem as she asked for a short extension. However, the technical picture remains favorable to the bulls.

The Technical Confluences Indicator shows that cable enjoys a considerable cushion at 1.3217 where we see the convergence of the Simple Moving Average 100-15m, the SMA 10-1h, the Fibonacci 23.6% one-month, the Bollinger Band 15min-Middle, the previous 4h-low, the BB 15min-Lower, the SMA 5-4h, and the SMA 50-15m.

The next support line is significantly lower, but still quite substantial. 1.3135 is the confluence of the Fibonacci 38.2% one-month, the Pivot Point one-day Support 1, and the Fibonacci 61.8% one-week.

Looking up, resistance is much weaker than the support lines mentioned above. 1.3286 is the first hurdle, where we see the meeting point of the previous daily high and the Fibonacci 23.6% one-week.

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