UK PMI data was softer than expected, reflecting the recessionary pressures being suffered in the UK economy, because of softer global demand and extremely tight monetary conditions. The Bank of England continues to reassure markets that tight monetary policy will prevail in the war on inflation. The high interest rates support a stronger than expected British Pound, through interest rate differentials, but risk will become an existential threat.
Current Level: 0.4833 (2.0690)
Resistance: 0.4880 (2.0490)
Support: 0.4790 (2.0875)
Last Weeks Range: 0.4770-0.4820 (2.0965-2.0745)