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GBP/USD Forecast: Bears regained control ahead of UK CPI data

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/USD pair failed to sustain above 1.4516-1.4519 (23.6% of 1.5930-1.4079 + 38.2% of 1.5230-1.4079) and dropped to a low of 1.4413 before ending the day at 1.4430 levels. Sterling was offered after BOE’s McCafferty said he ditched his rate hike call due to receding inflationary pressures. He also said the controversial negative rates policy could also be implemented if necessary. Eyes UK CPI The UK month-on-month CPI figure is seen contracting 0.7% in January, compared to the 0.1% rise

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