Cable dropped to lows circa 1.9580 in a knee-jerk reaction to the big jump in US PPI and housing starts, but has subsequently recouped those losses amid doubt as to the accuracy of the PPI. Sell interest pre-1.9580 had kept a temporary lid on GBP/USD early Europe, amid M&A-related buying of the pound.
Sterling resistance levels include 1.9654 (European morning peak), 1.9665 (last Friday's post-US CPI high), 1.9712 (last Thursday's post-UK retail sales data top), and 1.9730.
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