The pre-UK inflation rally has now returned to from whence it came
In my preview I advised selling rallies and warned about the buy rumour/sell fact scenario that often plays out on these occasions.
GBPUSD posted 1.4517 ahead of the 1.4520-25 and 1.4535 offers that I highlighted and has duly completed round trip back to 1.4445 before running into fresh demand.
I also highlighted support/demand on EURGBP around 0.7700 and this has rallied well from 0.7695 adding to cable's woes.
I hope a few of you got on board the move.
I prefer to be short still and a rinse n repeat strategy still works with support/demand into 1.4440 and larger at 1.4400. Offers/res still 1.4520-35
Currently 1.4455
