FXstreet.com (Barcelona) - The Sterling has retreated from 3-week high at 1.6380 to test 1.6300 level in the American session. Currently the pair is trading in a 55 and 100 hours moving average zone at 1.6300/05, rising 0.30% so far today from opening price action at 1.6260.

The ecPulse.com analysis team affirms: The 76.4% Fibonacci correction stood strong against the last bearish wave for the euro versus the dollar, with positive signs appearing on momentum indicators; therefore, we expect a bullish intraday direction that initially targets 1.4545 and mainly requires 1.4325 to remain intact with four-hour closing.

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