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GBP/USD flirting with 1.6200

FXStreet (Edinburgh) - After dipping to fresh lows near 1.6160, GBP/USD is now back on track to test the key mark at 1.6200 on Tuesday.

GBP/USD shrugs-off CPI data

Spot reacted adversely after consumer prices in the UK economy failed to surprise markets to the upside during August, just matching consensus at 0.4% inter-month and 1.5% over the last twelve months, still below the BoE’s target. The relevant data continue tomorrow with the release of the jobless rate (6.3% exp.), Claimant Change (-30K exp.) and the BoE minutes. In the view of Emmanuel Ng, FX Strategist at OCBC Bank, “the pair may attempt to base build within a 1.6050-1.6415 range ahead of Thursday”.

GBP/USD significant levels

The pair is now down 0.24% at 1.6194 facing the next support at 1.6052 (low Sep.10) ahead of 1.6003 (50% of 1.4814-1.7192) and finally 1.5988 (low Nov.14 2013). On the upside, a breakout of 1.6279 (38.2% of 1.6645-1.6052) would expose 1.6340 (high Sep.5) and then 1.6400 (psychological level).

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