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Jan 14 - 07:55 AM

GBP/USD - Drops Back Below 1.22 Before US PPI Data

By Robert Howard  —  Jan 14 - 05:37 AM

• Cable falls to 1.2175 after failing to vault 1.2250 (Asian session peak)

• 1.2175 is intra-day low, and 50% retracement of 1.2100-1.2250

• US PPI data due at 1330 GMT: 0.3% MM, 3.4% YY f/c; core f/c 0.3% MM, 3.8% YY

• Hotter than expected PPI prints could depress GBP/USD towards 1.2100

• 1.2100 was Monday's 14-month low, after USD rose on strong US jobs data

• CFTC data showed net GBP long position persisted in week ended Jan 7

GBPUSD


(Robert Howard is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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