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Forex: EUR/GBP in session lows, around 0.8615/10

Renewed bearishness surrounding the sterling and the single currency is dragging the cross to session lows in the region of 0.8615/10 on Monday.

The pair is posed to face pressure ahead of the ECB and BoE MPC meetings due later this week. While the ECB is expected to remain in the sidelines, a more dovish tone in the BoE statement could weight on the sterling, thus boosting the pair. In addition, GBP traders would closely follow M.Carney’s speech before the Treasury Select Committee and his intentions to adopt a nominal GDP target, replacing the actual inflation target.

At the moment, EUR/GBP is losing 0.93% at 0.8618 facing the next support at 0.8565 (low Feb.1) followed by 0.8545 (MA10d).
On the upside, a breakout of 0.8701 (hourly high Feb.4) would lead to 0.8717 (high Feb.1).

Gold trading at $1667.71

Gold’s near-term price action is congested between the zone of 1657 (31 January low) and 1681 (01 February spike high). According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “The near-term structure is negatively aligned, as lower range tops (excluding last Friday’s spikes) at 1673 caps the upside and price attempts through trendline support at 1665.”
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