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GBP: Holds Onto Modest Post-CPI Gains, But GBPUSD and EURGBP Still Rangebound

GBP

Sterling has held onto its modest post-CPI gains, though both EURGBP and GBPUSD remain within yesterday’s ranges.

  • Although UK CPI was in line with analyst consensus, the lack of downside surprise resulted in hawkish adjustments in UK rate markets.
  • This was likely driven by an unwind of some of the recent build-up of dovish positioning, which itself was linked to moves in U.S. rates.
  • The Sep 6 high at 1.3238 remains the first resistance in GBPUSD.
  • In EURGBP, 0.8400 (Aug 30 low) provides the first support, shielding key support at 0.8383, the Jul 17 low.
  • The BoE are expected to keep rates on hold tomorrow. Our full preview will be released in due course.
CEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
CEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets

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