The Sterling (GBP) selling throughout the day in sympathy with the Euro and broke under 1.6300 to find support at 1.6240. The EUR/GBP is very tight at 0.8850 and shows the close correlation the Pound is having with the single currency lately. GBP/CHF is another source of weakness with the strong pullback overnight adding pressure. Looking ahead, August HPO forecast at 0.0% vs. 0.2% previously.
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