Alpesh Patel of InvestingBetter, sees UK inflation data in the UK to remain soft, and further expects GBP/USD to target 1.55 levels on such a print.
“The Cable was in the red yesterday without any particular fresh reason so we have to assume that traders believe that the UK currency is situated ahead of an important technical barrier and has troubles overcoming it.”
“Furthermore, today the release of the UK inflation levels is expected to confirm the market’s fears for a stagnating low inflation in the UK which would push any rate hike hopes further into the future. Such a development wouldn’t of course bode well for the Cable and our target should be around the 1.5500 area.”
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