Pound rallies then retreats on UK inflation data

A quick spike on stronger data but sellers waiting 16 May

As per my preview thoughts/plans.

Stronger headlines helped the algos on their way with GBPUSD posting 1.2958 and EURGBP 0.8520

Reality though is a different picture and we're back down to 1.2930 and up to 0.8536.

I still don't think we're going anywhere in a hurry but I hope we were able to help make you a few pips. I remain a rally seller and prefer to play from the short side but USD weakness may underpin even if EURGBP demand helps to cap.

Next cabs off the rank are EZ GDP and trade data plus German/EZ ZEW data.

As with UK inflation I'll get it all up on site as quick as I can but have your own data calendars ready and poised if you really want to try and beat the algos.

Our survey says you might come second though so as always it's better to gauge the reaction and then make your move.