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One of the best performing currencies today was GBP/USD but its failure to break above 1.2430, a level capped by the 20/50/100 day simple moving averages is important. The confluence of all these SMAs at a former support now turned resistance level makes it key resistance because if GBP/USD manages to rise above 1.2450, we should see a much stronger rally. However the longer it struggles to exceed this level the greater the chance of a move down to 1.23. This is a busy week for UK data and sterling traders could be waiting to see how those economic reports fare before jumping into a trade. Consumer and producer prices are scheduled for release tomorrow and stronger price growth would validate the hawkish dissent at the last Bank of England monetary policy meeting and drive GBP/USD higher. However if price growth slows, investors will start to worry about the implications for BoE policy especially ahead of this week’s speech from Bank of England Governor Carney.