• Cable capped at 1.35, bull conviction still lacking

• Ofgem confirms energy price cap rise of 13% from July - stagflationary headwind

• EUR/GBP demand adding cross-driven pressure on cable

• Watch the 200DMA cluster (1.3410-23), this is the near-term line in the sand

• Clean break below the cluster opens 1.33 as the next meaningful level

• Today is corporate month-end, potential for mechanical flow-driven USD buying

• Bias still leans towards this choppy price action persisting
GBPUSD daily chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))