UK inflation data coming up at 08.30 GMT
The data event risk for GBP this morning.
Last week the BOE inflation report forecast was revised down and to an earlier peak than previously advised so one could argue today that a stronger number just speeds up that process. The algos are unlikely to see it that way though so beware a spike if so.
Recent falls in commodity prices will not have impacted yet but PPI data will help tell us what else is in the pipeline.
GBPUSD has decent sell interest at 1.2950 still and larger at 1.3000. Initial demand 1.2900, then 1.2880 and larger at 1.2850
Order boards here and here
I doubt we will break any recent ranges as denoted above but, as always, trade what you get with whatever tools you prefer.
Here's the forecasts:
On my own today so I'll advise you to keep an eye on whatever data calendars you use. I'll get the details up here as quick as I can with analysis and price action follow up.
