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Cable weakens ahead of UK jobs report

13/12/2017

After yesterday's UK data showed inflation running at its highest rate for 6 years the Pound began to look vulnerable, and now looks fragile ahead of this mornings unemployment data at 09:30 GMT. The charts don't look very encouraging for Sterling Bulls despite the expected short-term support around 1.33.

The flip side of the coin is that it doesn't look very encouraging for Bears either, with consolidating range-bound trading likely to set the tone of the market, those who have the nerve to buy dips and sell rallies will be the winners over the next few weeks, barring any more attempts by the Conservative coalition to shoot itself in the foot over the Brexit deal which they are bravely attempting to portray as positive, despite their apparent agreement to give £40bn of taxpayer money away merely as a conversation-starter on trade with the EU.

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