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GBP/USD flat around 1.5640

FXStreet (Edinburgh) - The sterling is trading almost unchanged vs. the greenback in the final part of the NA session on Tuesday, with GBP/USD hovering over 1.5640/45.

GBP/USD upside limited at 1.5680

Choppy session for the GBP today, with spot meandering between 1.5630 and 1.5680. Broadly in-line inflation figures in the UK economy during October showed consumer prices rising 0.1% inter-month and 1.3% on a yearly basis. The results reminded last week’s appreciations by Governor Carney that the inflation could slip below 1% before getting closer to the BoE’s 2% target, pouring cold water over market expectations of a H1 2015 rate hike. Looking to tomorrow’s docket in the UK economy, the BoE minutes are due, with consensus expecting a repetition of the 7-2 voting pattern favouring the current status quo in the monetary policy.

GBP/USD levels to watch

As of writing the pair is losing 0.03% at 1.5635 and a breach of 1.5620 (low Nov.17) would open the door to 1.5593 (low Nov.13) and then 1.5564 (low Sep.6 2013). On the flip side, the immediate hurdle aligns at 1.5737 (high Nov.17) ahead of 1.5780 (high Nov.13) and finally 1.5791 (low Nov.7).

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