FXstreet.com (Córdoba) - The Pound's decline found support near the 1.6200 zone. GBP/USD bottomed at 1.6208, daily low, and from there recovered and rose to the 1.6250 area, where currently trades. Cable has fallen a hundred pips from the highs of the day that lie at 1.6355.
GBP/USD is falling for the first time in the current week but is still headed toward a weekly gain of 200 pips.
The UK will light up the wires again next Tuesday with the release of CPI. The BoE monitors prices closely while making decisions regarding monetary policy, the FastBrokers Research Team says. Hence, sluggish CPI could deliver a blow to the Pound's recent relative strength. On the other hand, a positive CPI number could help the Cable stabilize and maintain its solid uptrend.