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Cable traders await BoE report
Wednesday will see the release of the latest Bank of England inflation report and also an update of the average earnings in the UK. Both of these will be watched for clues as to how prepared the UK public and economy is for the onset of interest rate rises. Arguably, the average earnings figure will be a better gauge of how much room there is in monthly income to handle an increase in mortgage rates.
Looking at the chart GBP/USD remains in oversold territory while still holding above the 200-day moving average. As the 200-DMA coincides with the lows of early June around $1.67, we are likely to see support materialise around this level.