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Feb 15 - 04:55 AM

GBP/USD - Drops To Two-Day Low On Softer Than Expected UK CPI

By Rob Howard  —  Feb 15 - 02:35 AM
  • Cable falls to 1.2086 following softer than expected UK January CPI data

  • Up 10.1% YY vs 10.3% f/c. 1.2086 = two-day low (1.2031 was Monday's low)

  • 1.2135 was pre-UK CPI low. 1.2120 (Tuesday's low) is now a resistance level

  • Sub-f/c UK CPI print is boost for MPC's dovish pair Tenreyro and Dhingra

  • BoE is still expected to deliver its 11th consecutive rate hike next month

  • 1.2269 was GBP/USD high on Tuesday, as volatility ruled after U.S. CPI data

Source:
Refinitiv IFR Research/Market Commentary

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