• Cable making another attempt to establish itself above 1.35, with the July high (1.3556) the next topside target

• A sustained hold above 1.35 would likely encourage fresh buying interest

• But price action remains subdued with GBP struggling to notably capitalise on tepid U.S. CPI/PPI data

• USD pullback may also lose momentum with Fed hike pricing appearing to find a floor around 25%

• This should make a clean topside break in Cable more difficult to achieve

• For now, spot appears likely to remain confined to its broader sideways range

• Ongoing lack of directional momentum continues to favour carry trades
GBPUSD hourly chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))