It's been reality check time for the pound after some recent complacency 22 July
Ok so the report is only a survey of purchasing managers not pure economic data per se but the PMIs have now become a market barometer, This one-off flash was only conducted amongst 70% of the usual collective and covered as shorter period of time as per my preview and may yet be revised upward. Or indeed downward for that matter.
But for the time being it's given the pound a jolt lower and after wiping its feet again at 1.3150 cable has now broken down to 1.3111 just ahead of the next cluster of bids at 1.3100 with larger interest behind that at 1.3050 as per the order board.
EURGBP is toying with the decent offers/res around 0.8400 that Ryan pointed out at as well and that may yet prove the acid test.
I expect to see some dip demand but remain a GBP rally seller. Rinse n repeat.
Anyhow, any excuse to play a bit of vintage Quo who I saw around this time at the awesome Southend Kursaal Ballroom. Heady days.
