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GBP Tumbles On The Back Of UK CPI Data

FOREX

GBP falls to the bottom of the G10 FX performance table on the softer than expected (but still elevated) UK CPI data for June, with cable sub-$1.2950, shedding around 90 pips on the session as of typing, sitting ~15 pips off session lows. The July 13 low in the pair has given way, with the next level of meaningful technical support seen at Jun 16 high/recent breakout level ($1.2848). EUR/GBP has breached its bull trigger (GBP0.8658), opening the way higher from a technical perspective. The May 23 high (GBP0.8719) presents the next area of meaningful technical interest there.

  • The move has allowed the USD to firm in general, although USD/JPY hasn’t been able to breach 139.50, while the lows in EUR/USD seen over recent sessions remain untested.
  • USD/CNH shows above CNH7.2200, ~280 pips firmer on the day, hovering just above that figure.
  • BBDXY has threatened its Monday high on the move.
  • Final Eurozone CPI data, ECB speak from Vujcic and comments from BoE’s Ramsden present the highlights of the broader macro docket today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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