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Forex pairs in this Article » GBP/USD (Barcelona) - The GBPUSD was able to return to its lower end of the daily range made today. In early Asian hours, the pair had rallied from 1.6117 low to 1.6155 high. Profit taking there, and then the London opening triggered a retracement movement back to its lows.

No economic data in the UK is expected today, but the December CPI inflation report, PPI and Retail Prices are due to be released tomorrow. In Europe, the German Wholesale Price Index didn't change in December, neither monthly nor yearly, keeping its annualized figure at 3.2%, instead of rising to 3.3% as expected. The Italian Industrial Output contracted further, from an annualized -6.2% to -7.6% in November, as its monthly figure was a -1.0% drop.

Commerzbank analysts have a neutral outlook for now, as the large rally off the 7-month uptrend at 1.5959 faces "daunting resistance 1.6310/1.6450 (the latter level is the 2009-2013 downtrend)", and minor support is found at 1.6075. "While this is intact, scope remains to test the downtrend at 1.6450", wrote analyst Karen Jones, pointing to important support at 1.5873/30 (55 and 200 week ma and the November low) in case of a drop below 1.5959.
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