Daily Insight

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20 December 2005

Sterling failed to recover from early weakness...

Sterling failed to recover from early weakness brought about by the EU budget rebate and comments from MPC member Charles Bean. We have public finance figures out at 09:30 this morning, followed by PPI in the US at 13:30. Tomorrow's release of the last MPC vote could give sterling further direction for the remainder of this week. It's likely that all none members voted for "no change", so any votes for a cut will be taken as a negative, placing further pressure on the pound.

GBPEUR - Support 1.4650-60 then 1.4600
Resistance 1.4750, then 1.4775

GBPUSD - Support 1.7575 then 1.7500
Resistance 1.7700 then 1.7745, 1.7810

DATA: UK Public sector net cash requirement 09:30
US PPI 13:30

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