GBP was most active with CPI figures touching 3% on the back of food and energy prices adding further pressure on the BoE to sustain rates in their next meeting. The Sterling Pound surged on the back of the data release although was very short lived. Unemployment figures are made available as well as the BoE quarterly inflation report.
Pound is expected to trade in the range of 1.9380-1.9508.With good support seen at 1.9350 and key resistance is seen at 1.9520.Currency has broken the lower bollingers in band analysis and is trending down and is also seen trading below the fast moving average.Stochastic is in oversold territory giving anelement of caution.Relative Market strength index is remainig slient on the issue as it is in neutral territory
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