Cable has rallied by nearly half-a-cent to 1.8930 offers on the back of October's softer-than-expected US inflation data. Headline CPI fell by a bigger-than expected 0.5% m/m, against a forecast 0.3% drop. Core CPI rose by just 0.1% m/m, against a forecast 0.2% increase.
Additionally noted offers at 1.8960 are a bull target north of 1.8930. The upper orders reside ahead of 1.8969, a 38.2% Fibo retracement point of the fall from last Friday's 19-month high of 1.9180 to yesterday's 20-day low of 1.8838. 1.8900/10 is now a pullback support window. 1.8910 was today's Asian session peak.
1.8900 offers kept a lid on London morning GBP/USD gains spurred by October's much better-than-expected UK retail sales. Lows just shy of 1.8850 were plumbed pre-UK retail sales.
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