Free Trial

Soft CPI Takes GBP/USD Below $1.3700, Recovery Efforts Remain Soggy

GBP
MNI (London)
  • Release of softer than forecast UK CPI data provided another reason to sell GBP, the break below $1.3700 extending the recent corrective pullback to $1.3674 with recovery efforts continuing to hold shallow.
  • Next support seen at the Feb05 low at $1.3663, with stronger level noted at $1.3637(76.4% 1.3452-1.4237 - 2021 range).
  • UK flash PMI's at 0930GMT has the potential to dictate next direction. UK Svcs PMI median seen at 51.0 vs last 49.5; Mfg median 55.0 vs last 55.1.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.