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GBP/USD aims for 1.5950

FXStreet (Edinburgh) - The demand for the pound remains subdued on Tuesday, with GBP/USD hovering over the mid-1.5900s so far.

GBP/USD softer post-UK CPI

Spot dived more than a big figure after consumer prices in the UK economy failed to re-ignite buying interest around GBP. Recall that the CPI gained 1.2% on a year to September, missing expectations for 1.4% and down from August’s 1.5%. The sterling is already suffering the generalized USD strength and today’s prints carry the potential of further pullbacks, as market expectations for the start of the hiking cycle by the BoE could be kicked back. According to Emmanuel Ng, FX Strategist at OCBC Bank, “Expect the pair to remain trapped within a 1.6000-1.6200 range in the near term”.

GBP/USD significant levels

The pair is now down 0.81% at 1.5956 with the immediate support at 1.5943 (low Oct.6) ahead of 1.5879 (low Nov.13 2013) and then 1.5854 (low Nov.12 2013). On the upside, a surpass of 1.6089 (10-d MA) would target 1.6126 (high Oct.13) en route to 1.6135 (high Oct.10).

Modest GBP decline continues - BTMU

Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ observes that the pound continues falling with EUR/GBP climbing again above the 0.7900 level.
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EUR/USD slides back to 1.2660 area post-ZEW - FXStreet

FXStreet Chief Analyst Valeria Bednarik notes that the disappointing GErman ZEW data, released in the European morning, resulted in a drop in EUR/USD towards the 1.2660 level.
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