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GBP/USD holding gains above 1.27 as important UK inflation data looms

Shortly, at 7am GMT the last UK CPI (Consumer price index) and RPI (retail price index) will be released and it could have an immediate impact on the Pound. That is especially the case this week, with the Bank of England policy decision due on Thursday. The markets are expecting a rise on the monthly readings for both CPI and RPI, but a decline in the longer term annualised levels of inflation. The GBP/USD is holding its rebound gains from the lows seen yesterday, above 1.27 ahead of these data releases. The GBP/USD closed in the US last night at 1.2722 and it is currently trading at that same level

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