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- GBP/USD to edge lower towards key support at 1.3675 – Scotiabank
GBP/USD to edge lower towards key support at 1.3675 – Scotiabank
The UK released a raft of price data this morning, with weaker than expected results clearly weighing on the GBP. Economists at Scotiabank expect the GBP/USD pair to extend its decline towards 1.3675 after breaking below the 1.3785 support.
GBP weakens on softer than expected inflation data
“CPI rose 0.3% MoM in September, against expectations of a 0.4% gain, pushing the YoY rate of inflation down to 2.9% (from 3.0% in August). Core inflation eased to 2.9% from 3.1%. PPI data showed a 0.4% rise in input prices, well below forecasts of a 1.0% rise.”
“Cable has cracked minor support at 1.3785 (now resistance intraday) and should edge lower towards key support at 1.3675.”
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