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British Pound Forecast: GBP/USD Rebound Stalls at Former Support Zone
GBP/USD gives back the advance from the start of the week even as the UK Consumer Price Index (CPI) unexpectedly holds steady at 6.7% in September, and the exchange rate may struggle to retain the advance from the monthly low (1.2037) amid the failed attempt to trade back above the former support zone around the May low (1.2308). GBP/USD seems to be stuck in a narrow range after registering a fresh monthly high (1.2338) during the previous week, and the exchange rate may hold steady over the remainder of the month as the stronger-than-expected UK CPI report puts pressure on the Bank of England (BoE) to further combat ... (full story)