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GBP/USD sitting pretty despite lower CPI’s

FXStreet (Barcelona) - GBP/USD is trading at 1.6087, up 0.36% on the day, having posted a daily high at 1.6100 and low at 1.6017.

GBP/USD has been held up on the bid at the 1.61 handle while an impressive 80 pip gain on the day is looking as though that is all that can be achieved today as we enter the closing hours of the session for the week. From the data, the UK came with the inflation numbers that actually tailed off and are now sitting at just 1.2% headline CPI while the core printed 1.5%. This has left markets with the certainty that a rate hike will not come until the new year at least. Despite the dovishness surrounding this outcome, the pair remains solid and has been better bid on the day. For Sterling, the next events that will be key are on November 6th with BoE meeting and then the November 12th Inflation Report.

GBP/USD noteworthy levels

Spot is presently trading at 1.6088, and next resistance can be seen at 1.6096 (Daily Classic R2), 1.6100 (Daily High), 1.6123 (Daily 20 SMA), 1.6131 (Daily Classic R3) and 1.6163 (Weekly High). Support below can be found at 1.6085 (Hourly 100 SMA), 1.6063 (Daily Classic R1), 1.6062 (Yesterday's High), 1.6058 (Hourly 20 EMA) and 1.6049 (Hourly 200 SMA).

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