- Do not expect a discontinuity in household spending as homeowners refinance mortgages
- Can be too simplistic to look just at DOE inflation forecasts at two year horizon. Assumes a linear response to labor shocks
The GBPUSD is seeing sellers reenter. The price high today reached 1.25367. That took out the April 4 high at 1.25246, but the price has since rotated to a corrective low of 1.25102. Having said that, the 1.2500 level is a natural support level followed by a swing area between 1.24228 and 1.2447.
GBPUSD falls back below the early April high