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GBPUSD ahead of BoE inflation report

The cable rallied initially during the session on Tuesday only to reach 1.54 and rebound and close flat on the day. At 1.53 at the time of writing, the market started the day on a negative footing and it looks like there is further downside potential, as a pullback all the way down to 1.5250 would come as no surprise, considering that the pair failed to break above the key resistance at 1.54. As long as we remain below that level, there is no reason for the bears to worry. For confirmation of the bearish bias, look for a break below 1.528. The catalyst of the day is the release of the BoE inflation report, so be prepared for strong volatility!

Dafni Serdari
Market Analyst, Spread betting & CFDs
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