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GBP/USD Rises as Inflation in UK Advances

M. Ali 20 January, 2021 7:22 pm Forex Market, Market Update

The British Pound (GBP) is rising on Wednesday against the U.S. Dollar (USD), after data showed that inflation in the United Kingdom (UK) rose more than expected during December.

The GBP/USD pair is up by 0.19% for the day, trading at 1.3656.

The pair has been moving today in a range between 1.3628 and 1.3718, mostly in the positive territory, as it closed Tuesday at the level of 1.3630.

Earlier today, data showed that inflation in Britain increased more than expected in December, with the consumer price index (CPI) rising by 0.6% on an annual basis, following a 0.3% increase in November, according to the UK’s Office for National Statistics.

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