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GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

GBP/USD seeks to reclaim the 1.2300 resistance level in anticipation of the BoE's eleventh consecutive rate increase. As additional credit restrictions to safeguard US banking institutions would diminish demand, the USD Index has declined. The cessation of support for all bank deposits by US Janet Yellen precipitated a decline in US stocks.