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The decision by European Union leaders over the weekend not to coordinate a bailout for central and eastern European economies has boosted risk aversion,sending dollar higher in early Europe. Gbp is also suffering downside pressure, and remains fighting the 1.4200 zone. The pair has already tested the 1.4255, first support for today, followed by the tough congestion zone the pair has between 1.4120/35. If the pair manages to break under, we could see some bearish momentum there, with next supports at 1.4090 and 1.4018 zone. Take a look at 20 SMA that is clearly pointing downwards: any upside movement should be consider a correction as long as the MA remains in this tone. Above 1.4238 the pair could move to 1.4280 zone, followed by 1.4313 (where we have the openinggap). Above this last, the pair could extend to the 1.4380 zone, yet not quite clear right now.
