The data highlight of the morning sees GBP sellers return 17 May 2016
Some key levels highlighted in my preview, and on the order boards, have held and we've now seen a move back lower after the softer CPI release for April.
Seems like the early-Easter March reading was indeed an aberration and sellers have been quick to pounce but there's still some dip-demand for the moment with GBPUSD needing to fill a few gaps down to 1.4450 then 1.4400-20. Strong offers/res remain between 1.4530-50. EURGBP has supply around 0.7830 with more at 0.7850. Demand/support 0.7800 then 0.7775-80.
GBPJPY still a prime mover capped so far by offers/res at 159.00 and we should continue to see good two-way business for the pound with Brexit never too far from the headlines.
Currently 1.4477, 0.7823, and 158.65
