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- GBP has been drifting lower in recent trade, and now sits south of the 1.38 handle as Europe opens. Weakness also observed against the EUR as the EUR/GBP cross recoups a small portion of yesterday's losses.
- Price action seems more reminiscent of consolidation and profit-taking following sharp strength seen since the beginning of the week rather than a direct market response to the slightly softer-than-expected CPI data - although that will be supporting.
- A failure to sustain gains in GBP/USD at these levels will mean the pair failed to break the 200-dma at 1.3848 which becomes an important level ahead of any progress on the mid-September high at 1.3913.
- No relevant UK risk events or speakers later today, although markets may turn some focus to weekly PMQs in the Commons at 1200BST, at which markets will watch for clues ahead of next Wednesday's Spending Review (Oct 27th).