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GBP/USD Daily Forecast – UK Inflation Rates Rebound Sharply Higher in January
Consumer prices in the UK rose sharply on an annual basis while declining 0.2% on a month over month basis. CPIH, which includes owner occupier’s housing costs, rose 1.8% in the year to January, up from 1.4% in the prior reading. The largest contribution to the annual rise came from housing and household services. GBP/USD ran into resistance yesterday at 1.3050 and has retreated back towards the 1.3000 handle. The upside inflation data surprise provided a momentary reprieve for the exchange rate but the pair appears to be struggling to hold above the psychological 1.3000 handle. A stronger US dollar is one ... (full story)
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