The Sterling Broke through the Key 1.9000 figure early in the Asian session and Strong CPI numbers for July were not enough to reverse market sentiment and cable closed below the figure. July CPI jumped 0.6% to 4.4% y/y. Looking ahead for July Claimant Count seen at 17.5K and Average Earnings for June forecast at 3.6%.
GBP chart pattern indicates the currency to bo slight upward correction for the day. Trading range for the day is expected between 1.8880-1.9060 . support for the day is seen at 1.8870 and holds resistance at 1.9065 .stochastic indicates the currency to be on upward movement for the day but till the currency trades below the fast moving average and remains for further movement.
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