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Alert - 14:15 (CET) - Dollar advances against the Sterling
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The evolution of the prices in the Eurozone gave a renewed thrust to the market. The Consumer Price Index came at 2.1% anualized from 3.6% in June, very near the 2% target of the ECB.This steep decline of the inflactionary risks, prompted the agents to price in drastic rate cuts in the various central banks next week.
One of them is the BoE, that is keeping the rates at 3%, as the UK also showed important price drops last month.
The GbpUsd is trading at 1.5331 Dollars per Pound. This session, the pair is ranging from 1.5259 to 1.5448. The current price is under yesterday's close at 1.5406. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over the 200-day EMA.
The supports are set at 1.4748 (June 18th 2002 low), 1.4550 (May 17th, 2002 low) and 1.4332 (April 4th, 2002 low). As the resistances at 1.5000 (key) was broken, the traders are watching the next levels at 1.5483 (November 12th high) and 1.5703 (November 11th high), just in case.
Checking the daily graphics, the current price is over the 23.60% (1.3701) and under the 38.20% (1.5767) Fibonacci retracement lines. The average volatility per hour is 140 pips and the 60-minute Relative Strenght Index (RSI) is at 41 points, rebounding from the overbought area.
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