Pound Sterling Rally Falters Short of Mid-July High

The Pound Sterling (GBP) continued its rally on Thursday, reaching a high of just short of 1.3550, but ultimately closing near 1.3495 due to a loss of not quite a tenth of a percent.

This marks the second time in four weeks that one level has turned the Pound around, with the mid-July peak sitting a handful of pips above where today's advance stopped.

The July Consumer Price Index (CPI) was released at 12:30 GMT and matched the forecast on every line: 0.1% MoM and 3.4% YoY on the headline, 0.2% and 2.5% on the core measure, with both annual rates a tenth beneath June.

The most anticipated number of the week produced no reversal in a currency that had been falling for three hours before it landed, with the inflation print changing nothing.