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GBPUSD testing 1.2900 following the data

UK DATA
  • GBPUSD moving higher on the data- hitting a high of 1.2899 at writing (from around 1.287 pre-data so around a 30 pip move so far).
  • At first glance, this is the kind of release where we would expect to see a move when UK STIR markets open at 7:30BST (as they price in a higher terminal rate) which may lead to another leg higher for the currency at that point.
  • Our technical analyst notes that the next major resistance above here is 1.2977, the 0.764 projection of the Mar 8 - May 10 - May 25 price swing.
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