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GBP Sees Modest Recovery From Lower Lows on Very Low Volumes

GBP

The very minor uptick in volumes over the past 10 minutes or so has helped GBPUSD recover from the lower levels of the sessions and is helping to reinforce the muted activity across G10 FX futures:

  • GBP futures lower than average by ~23%, doing little to shift the near-term technical condition. GBP/USD corrective pullback across Thursday/Friday last week look to confirm that the rally from ~1.2050 to ~1.2350 was likely corrective in nature, and marked no sea change in trend, which still points lower over the M/T.
  • 1.2037 remains the bear trigger ahead of this Wednesday's CPI release - consensus looks for headline Y/Y to slow to 6.6% from 6.7%, but services CPI seen unch. At 6.8%.
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