The Pound climbed against the Dollar and extended gains versus the Euro after first quarter inflation is more likely to be in line with the Bank of England Monetary Policy Committee's forecast and the MPC expects fourth quarter GDP to be revised higher. The GBP/USD has a clear downwards trend and it has broken the 20 moving average on the daily graph therefore the momentum is bearish. Overall, GBP/USD traded with a low of 1.4932 and with a high of 1.5108.Today, CPI is expected to weaken from 3.5% to 3.1%, CBI Realized Sales are expected at 18 vs. 23 prior.

GBP/USD - Last: 1.5100

Resistance

1.5160

1.5250

1.5368

Support

1.5075

1.4979

1.4932

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