Pound runs out of puff after better PMI

Better than expected UK construction PMI gave the pound a lift but it was short-lived

As per my preview there is decent cable supply between 1.5180-1.5200 and the rally from 1.5145 post-PMI duly capped at 1.5175 before dropping now to 1.5156

EURGBP has strong demand/support into 0.7350 and we posted 0.7358 before heading back up to 0.7367.

As I warned, there was/is little chance of us trading too far outside the narrow band with eyes firmly on NFPs later

A bit of opportunity though anyway for the jobbers.