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EUR/GBP advances further above 0.7860

FXStreet (Córdoba) - Cable dropped further across the board as it remains weak after the inflation report from the Bank of England. EUR/GBP printed a fresh high at 0.7885, reaching the highest price since October 31.

The pair jumped 80 pips from the lows, slightly above 0.7800, and broke without difficulties the area around 0.7860/65, that capped the euro several times last week. if it rises further, price could face resistance at 0.7900 and above here at 0.7910 (Oct 29 high).

Cable suffers after BoE report

The Quarterly Inflation Report cut growth and inflation forecast, pushing markets expectations about a rate hike for later. Growth forecast for 2015 was lowered from 3.1% to 2.9%, amid Eurozone economic conditions. Regarding inflation, officials expect the annual rate to fall below 1% within six months.

Low inflation leaves the forint untouched – KBC

Analysts at KBC note that the volatility in forint was less in spite of a 0.4% y/y drop in consumer prices.
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