Sterling Range Bound on Mixed UK Data Before Leadership Vote

The  Sterling pound today traded in  a  range as  investors recovered from yesterday’s crazy swings following the  historic Brexit vote. The  GBP/USD currency pair was largely immune to  most of  the  data released from the  UK docket as  investors remained cautious ahead of  a  Parliamentary no-confidence vote against Theresa May.
The  GBP/USD currency pair today traded between a  high of  1.2896 and  a  low of  1.2824 and  was within this range at  the  time of  writing.
The  cable was in  a range for  most of  today’s session following Theresa May’s spectacular Brexit deal defeat yesterday. Some of  the  data released today by  the  UK’s Office for  National Statistics include the  retail price index for  December, which came in  at  0.4% missing expectations by  0.1%, while the  annualized print came in  at  2.7% missing expectations by  0.2%. However, the  pair ignored the  weak retail data and  rallied higher despite the cautious speech by  the  Bank of  England Governor Mark Carney shortly before the  releases. The  release of  the  UK producer price inflation data for  December also boosted the  pair as  both the  monthly and  annualized output and  input prints beat expectations.
The  pair’s performance was also boosted by  the  positive UK consumer price inflation data for  December. The  release of  US export and  import price data during the American session triggered slight declines by  the  cable.
The  currency pair’s short-term performance is likely to  be affected by  the  outcome of  the  no-confidence vote against PM May scheduled for  19:00 GMT.
The  GBP/USD currency pair was trading at  1.2862 as  at  15:57 GMT and  was still within the  trading range. The  GBP/JPY currency pair was trading at  139.88 having risen from a  low of  138.97.

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