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Jan 25 - 08:55 AM

GBP/USD - Hugs 1.23 After Soft UK PPI Data Shock

By Rob Howard  —  Jan 25 - 06:45 AM
  • Cable hugs 1.2300 as it consolidates losses from 1.2413 (Tuesday's high)

  • 1.2286 marks the intra-day low, following UK PPI data surprise

  • UK factories unexpectedly cut prices in Dec, helping BoE's inflation fight

  • BoE is expected to raise rates for 10th consecutive time next week (Feb 2)

  • 1.2264 (Tuesday's low) and 1.2250 are support points below 1.2286

  • Resistance levels include 1.2342 (rally high from 1.2264) and 1.2400

Source:
Refinitiv IFR Research/Market Commentary

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