Pound Remains Extremely Bearish

The Great Britain pound fell today against other majors, including the US dollar and the euro. The currency also failed to rise against the Japanese yen, retreating to the opening level after the earlier rally.
The sterling was unable to rally even as Britain’s inflation accelerated. The Office for National Statistics reported that the Consumer Price Index rose 1.3 percent in October. Analysts have expected the rate of expansion to stay at the September’s level of 1.2 percent.
The UK currency did not profit from the positive data. Bank of England members were communicating very clearly their unwillingness to raise interest rates early, and this pulled away support from underneath the pound. Additionally, favorable macroeconomic reports from Europe reduced need for the currency of the United Kingdom as a haven from troubles in the eurozone.
GBP/USD dropped from 1.5632 to 1.5613 as of 1:15 GMT today. EUR/GBP traded at about 0.8017 after rising from 0.8015 to 0.8023 earlier. GBP/JPY was up from 182.67 to 183.09 but pulled back to the opening level later.

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