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GBP/USD plunged to 5-day low on rumors of weaker CPI

FXStreet (Moscow) - GBP/USD opened the day at 1.6230, made an attempt to rise posting session high at 1.6248, before plunging to 5-day low at 1.6170.

First data to watch

The pound has all the chances to play the key role today, as there is a bunch of interesting reports scheduled for release. The main focus is on the UK Consumer Price Index, as price pressure is one of the most important factors for the BOE in monetary policy decision-making. And this is a probable reason of the recent pound plunge, as there are rumors the CPI readings come below expectations. If it’s true, it may put the pound under additional pressure with the nearest target at 1.6117. However, the reaction may be short-term, as there are more important events ahead.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6197, with support below at 1.6157, and 1.6117 with resistance above at 1.6256, 1.6297, and 1.6338. Hourly Moving Averages are bearish, with the 200SMA at 1.6233, and the daily 20EMA bearish at 1.6413. Hourly RSI is bearish at 32.

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