GBP extends losses to dollar
by Brian Turner
The British pound extended recent losses against the U.S. dollar today as cable tested bids around the US$ 1.9400 figure after encountering selling pressure around the $1.9520 level. Technically, today’s intraday high was just below the 23.6% retracement of the move from $1.8515 to $1.9845.
Data released in the U.K. today saw the January annual consumer price index print at 2.7%, down from 3.0% in December and the largest fall since January 2003. RPI inflation growth decelerated to 4.2% from 4.4% and this is important because these data are utilized in wage negotiations. Other data released today saw CML December gross mortgage lending fall 14% m/m to ₤28.6 billion.
Traders await tomorrow’s quarterly Bank of England inflation report and labour market data. Cable bids are cited around the US$ 1.9340 level. The euro moved higher against the British pound as the single currency tested offers around the ₤0.6700 figure and was supported around the ₤0.6645 level.
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