Pound in retreat once more after post-data gains

Author: Mike Paterson | Category: News

Another up and down day for GBP pairs 13 Feb

Slightly stronger than expected UK CPI data gave the pound a boost but against that I also highlighted softer RPI and PPI readings to temper the hawkish tones.

A second wave rally helped by USDJPY and GBPJPY finding dip support below 107.50 and 149.00 saw GBPUSD posts highs of 1.3925 and I told readers I'd be re-selling some shorts.

Rally-sell strategy working nicely again with a buy back/TP executed into the 1.3850 support/demand area. Currently 1.3871 and a decent line in the sand developing around 1.3835 so good-two trading pips to be had again for both bears and bulls with offers/res between 1.3930-50 still holding, a level I also noted in my order board post earlier.

EURGBP is testing 0.8900 again after the fall back to 0.8858 which held earlier and is also becoming a decent line to break while GBPJPY currently 149.34 seemingly in a 149.00-149.80 range for the moment as USDJPY remains tightly bound too.