Familiar story of late where data expectations have failed to be fully realised
Softer data and another wave of USD demand sees cable post 1.3377 after an initial post-data rally to 1.3412 on the better than expected ind prod headline.
Interestingly the ONS said weaker pound not helping yet.
I did say that any better data may be factored in and that we had to see whether PMI releases turned into "real" data. As it turned out markets have been disappointed such as they have been last week where expectations of better data limited the rallies.
Currently 1.3388 again with buyers back in as EURGBP still around 0.8390 failing to breach 0.8400 after it's long haul back from lows around the 0.8330 support yesterday.
if the pair can get back above 0.8400 then expect cable rallies to capped further.