The Sterling (GBP) underperformed in the bounce, failing to track the EURO higher with EUR/GBP pushing to 0.8750. The market will be closely watching the inflation data today which is still well above the BOE inflation target. Overall the GBP/USD traded with a low of 1.6158 and a high of 1.6256 before closing the day at 1.6190 in the New York session. Looking ahead, April CPI forecast at 0.7% vs. 0.3% previously.
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