SHORT GBPUSD 4H

- The better-than-expected UK inflation data likely reinforced market expectation for a 50bp Bank of England (BoE) hike for August.
- Lackluster UK growth could limit BoE ability to tighten materially ahead – to the detriment of the GBP.
- We target GBPUSD at 1.17 in 1-3 months’ time