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Sterling Uncertain Versus Other Majors Wednesday Morning
The sterling barely budged versus most other majors currencies Wednesday morning in New York as traders digested a slew of economic data from the UK.
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GBP/USD Update
As shown on the accompanying GBP/USD daily chart, after flirting with the long-term uptrend support line for almost a week now, price is still consolidating right around this major support line as of Tuesday evening in New York. 5
Pound Declines 11th Day Against Dollar, Slides for 4th Week
The pound slid for an 11th day against the dollar yesterday, the longest run of declines in at least 37 years, on speculation a recession will force the Bank of England to cut interest rates. 6
Pound Sterling Falls On Hard Times
The British pound fell to a 22-month low Wednesday, after the Bank of England [BOE] offered a gloomy outlook for the U.K. economy and the chance of an interest rate cut increased. 6
Chart of the Day - 8/13/2008 - GBP/USD
The deep and rapid plunge in price within the last two weeks on GBP/USD (a daily chart of which is shown), has brought the pair all the way down to the key long-term uptrend support line 9
U.K. Inflation Reaches 4.4%, More Than Double Target
U.K. inflation accelerated to more than double the central bank's 2 percent target in July, making it harder for policy makers to cut interest rates as the threat of a recession looms. 5
Chuck Butler's Daily Pfennig
A free, quick-reading daily e-letter on world currencies and economic trends. In This Issue….* Fed not as hawkish as expected...
* Markets now turn to ECB and BOE...
* Canadian dollar slides...
* Aussie hit by 1-2 punch..
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U.K. Consumer Confidence Drops the Most Since 2004
U.K. consumer confidence fell the most in at least four years in July after house prices slumped, unemployment rose and inflation accelerated, Nationwide Building Society said. 
