EURGBP TECHS: Resistance Remains Exposed

[US DATA] KC Regional Prices Remain Stubbornly Elevated (2/2) :
Price pressures appeared stubborn across the two Kansas City Fed surveys, with both pointing to a slight uptick in January.

• Services prices paid printed a 5-month high 39, with prices received a 31-month high 31.
• Manufacturing prices paid rose 3 points to a 6-month high 44, though prices received dipped 5 points to 19.
• Note that these largely bucked the national trend in December, when ISM Manufacturing prices paid remained steady and Services dipped slightly, so it's unclear that this suggests anything more than a stabilization in price pressures at an elevated level.

[US DATA] Kansas City Fed Surveys Show Little Improvement In January (1/2):
The Kansas City Fed's 10th District regional surveys for January were little changed from December, with Services clearly improving amid renewed stagnation for Manufacturing. Both surveys indicate that average-to-slightly-below-average activity persists though at better levels than seen in the first half of 2025.

• The Manufacturing survey composite saw no change from 0 between December and January, marking the joint-lowest since June. However the Services survey saw a 1 point improvement to 2 from 1 prior, a 5-month high, with 6-month expectations rising 4 points to an 11-month high 15.
• For manufacturing, new orders and employment were unchanged at flat levels, while production expanded and capex decreased. For services, almost all sub-index readings improved vs December, including revenue/sales and wages/benefits, though employment continued to fall.
• Optimism improved in the services survey, but deteriorated for manufacturers.
• These roughly corroborated the S&P Global flash PMIs for January which showed relatively little change in activity across services and manufacturing vs December, but are in contrast to the NY/Philly Fed surveys which showed a solid improvement. We await the Dallas and Richmond Fed readings next week.

Price pressures appeared stubborn across the two Kansas City Fed surveys, with both pointing to a slight uptick in January. 

• Services prices paid printed a 5-month high 39, with prices received a 31-month high 31.
• Manufacturing prices paid rose 3 points to a 6-month high 44, though prices received dipped 5 points to 19.
• Note that these largely bucked the national trend in December, when ISM Manufacturing prices paid remained steady and Services dipped slightly, so it's unclear that this suggests anything more than a stabilization in price pressures at an elevated level.