• GBP$ soft in NY afternoon trade, -0.3% at 1.3360; Monday range 1.3411-1.3358

• Mideast tensions, US reinstates blockade of Iran in Hormuz boosted USD broadly

• Despite several forays above 1.34, bulls unable to hold above; supt eyed by 10-DMA 1.3355

• Oil +6%, adds to angst over persistent global inflation; gilt yields rise ups fiscal concerns

• Tuesday events: US CPI, Warsh Hse testimony & UK FinMin Reeves mansion House speech

• GBP$ supt 1.3358/55 Mon low/10DMA, 1.3323 daily low Jul 8, 1.3296- 50% of 1.3140-1.3452

• Res 1.3409/11 daily cloud base/Mon high, 1.3452 Jul 10 daily high, 1.3498 upper 30-d Bolli

Sterling Chart:


(Paul.Spirgel is a Reuters market analyst. The views expressed are his own)