- The US Producer Price Index ex Food & Energy (YoY) for May came in line with expectations at 2.3%.
- Earlier in the London session, the Claimant Count Change in May came in at 23.2K vs. 22.9K sending GBP slightly down.
- The ranging theme is for now intact.
GBP/USD daily chart
GBP/USD is consolidating the steep bear run seen in May. The recovery attempt is currently capped at 1.2750 resistance.
GBP/USD 4-hour chart
Cable is trading near 1.2700 and above its 50 and 100 SMA suggesting a stabilization in the medium term.
GBP/USD 30-minute chart
The range theme remains intact as Cable is trading between the 1.2650 and 1.2750 level. Bulls need a breakout beyond 1.2750 to reach 1.2800 while bears want a breakdown below 1.2650 to get to 1.2600 figure.
Additional key levels
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