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Daily outlook for GBP: Nordea

Quotes from Nordea Markets:

-The GBP was the outperformer among the G10 currencies yesterday following a stellar UK labour market report. Wage growth picking up with the unemployment rate falling is a recipe for a rate hike earlier than the market prices in (now February 2015).

-But the Euro-area recovery against the political risks likely to grow in the UK before the 7 May election may provide support to EUR/GBP in the near term.

-Note also that the 0.7300-0.7330 range is a very important technical support level - the lower end of the downward trending wedge since 2008. Should it hold, much more upside in EUR/GBP is likely.

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