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GBP/USD taking it on the chin - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the pound was hit in the chin by worse than expected local inflation, down to 1.2% yearly basis, diluting chances of a rate hike in the UK.

Key Quotes:

“The pair struggles to hold above the 1.5900 figure by US close, having been as low as 1.5897 a couple pips above November 2013 monthly low and immediate support”.

“The 1 hour chart shows attempts to recovery were contained below former low of 1.5950 and indicators turned back south after a mild correction, still in extreme oversold levels”.

“In the 4 hours chart indicators are also biased lower well into negative territory, supporting further slides for the upcoming sessions”.

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