What a difference one data point makes. After the BOE policy decision earlier this month, there were still questions about rates reaching a peak of 5.00% in the months ahead. Now, that is very much a given it would seem with markets even fully pricing in an additional 25 bps move.
This has helped the pound get a bit of a lift on the data, with cable jumping to a high of 1.2465 earlier. But gains are being limited by the 200-hour moving average at 1.2461 currently.