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GBP/USD: Bearish ahead of UK inflation - FXStreet

FXStreet (Bali) - Technically, the short term GBP/USD picture is bearish ahead of UK inflation numbers on Tuesday, notes Valeria Bednarik, Chief Analyst at FXStreet.

Key Quotes

"Pound surged up to 1.6126 against its American rival early Europe, but it slowly turned south afterwards, falling down to 1.6050 support area where it stands ahead of Asian opening."

"The UK will release several first line reports during Tuesday and Wednesday, which may imprint life to the pair, particularly if the readings show signs of improvement in the UK: investors have diminished chances of a rate hike lately, but better than expected macro data may lift hopes back."

"Technically, the short term picture is bearish, with price below its 20 SMA in the 1 hour chart and indicators with a mild bearish slope below their midlines. In the 4 hours chart a flat 20 SMA contained the upside since last Friday, currently offering resistance at 1.6130, while indicators head lower below their midlines, supporting the overall negative tone."

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