Pound (GBP/USD) Grinds at 1.3500 With the Rate Gap Down to 12.5 Basis Points — Friday's Data Decides the Break

Sterling trades near 1.3500 against the dollar on Monday, September 7, 2026, grinding lower on a modest greenback uptick after pulling back from the six-month peak touched in August. The pair holds above its 50-day simple moving average at 1.3460 and above the 38.2% Fibonacci retracement of the June-to-August rise, with the 14-day RSI at 48.7 and the MACD line running slightly negative.

Trading volumes are thin. US equity and bond markets are shut for Labor Day, which is holding traders back from placing aggressive bets and is itself lending mild support to the pair by removing the dollar's primary source of intraday momentum.

The thesis for this forecast is that GBP/USD has become a pure rate-differential trade with almost no differential left, and that the two events which restore one land nine and ten days from now.

The Bank of England holds Bank Rate at 3.75%. The Federal Reserve's target range is 3.50% to 3.75%. On midpoints, sterling carries a 12.5 basis point advantage — effectively nothing. The significant interest rate edge the dollar previously enjoyed has largely disappeared, and when the rate differential disappears, GBP/USD stops being a simple carry trade and becomes far more sensitive to sentiment, positioning, and political headlines. That produces choppier, less predictable price action, which is exactly what the last three weeks have delivered.

The Fed decides September 15-16 with hike odds near 60% following Friday's payroll report of 162,000 jobs against consensus in the mid-50,000s. The Bank of England decides September 17, the day after UK August CPI publishes, and its July vote split three-to-six in favor of an immediate rise to 4.0%.

One of those banks moves first, and whichever does resets the pair.

Between now and then the calendar is thin on both sides. UK July GDP and retail sales arrive Friday. US August CPI lands the same morning. Nothing else carries enough weight to break the range.

Consensus is leaning against sterling. A 25-provider survey updated Monday morning carries a bearish bias with a September projection of 1.3327 and a December figure of 1.3385. The week's expected band runs 1.3350 to 1.3650.

At 1.3500, GBP/USD sits almost exactly in the middle of that.

The Pullback From a Six-Month Peak and the Descending Channel

The price action since late August has been decisively one-directional, and the structure describing it is a channel rather than a range.

Sterling failed to break out to a new six-month high above 1.3650 and then began moving lower through a series of orderly breakdowns that flipped prior support levels into new resistance. Across that entire leg there was not a single genuine higher low until very recently, and the early, light status of that formation makes it questionable as a reversal signal.

The pivot resistance sits at 1.3520, extending as high as 1.3530, and coincides with the upper trend line of the descending price channel. That confluence is what has capped every rally attempt since the peak.

The high-water marks are well defined. The cycle high anchor sits around 1.3673, with the upper Bollinger band at 1.3668 and the February 9 high at 1.3700 above it. The August 28 low at 1.3526 marks the first level that broke on the way down.

Sterling reached 1.343 in late July, a one-year high at the time, then ran to the mid-1.36s through August before the current pullback. Spot printed 1.3559 as recently as mid-August. From 1.3673 to 1.3500 is a decline of 1.3% — modest in absolute terms, but the manner of the decline matters more than the size.

Recent daily readings capture the compression. One assessment put the pair at 1.3521 holding above a cluster of former trend-line resistances turned support around 1.3476 to 1.3375, while still capped by a converging simple moving average trio near 1.3455. Another had the pair at 1.3545 in a descending channel with an H1 head-and-shoulders formation pointing lower.

The reading that best fits the current tape: a market that has stopped trending and started coiling, with a compressed range and a technical structure that leans mildly bearish while fundamental positioning leans neutral.

Thin Labor Day liquidity argues for waiting rather than acting. It would be prudent to see strong follow-through selling before positioning for an extension of the pullback, because holiday tape produces false breaks in both directions.

The first genuine test comes Friday morning.

Support: 1.3460, the 50% Retracement at 1.3407, and 1.3345 Below

The downside map is layered and unusually well specified.

The immediate support band runs 1.3470 to 1.3460, defined by the 38.2% Fibonacci retracement of the June-August rise and the 50-day simple moving average at 1.3460. That combination of a static Fibonacci level and a dynamic moving average in the same 10-pip band is the strongest single support on the daily chart, and sterling has been holding above it for the entire pullback.

Below that, the 100-day moving average sits near 1.3445 with the lower Bollinger band at 1.3432 reinforcing that demand area. A daily close below that zone would weaken the constructive tone and expose deeper losses within the broader range.

The 50% retracement near 1.3407 is the next objective. Beneath it sit deeper Fibonacci levels at 1.3345, 1.3255, and 1.3141.

Distance math from 1.3500: the 50-day SMA is 0.3% below spot. The 100-day is 0.4%. The 50% retracement is 0.7%. The 1.3345 level is 1.1%, which happens to sit almost exactly at the bottom of this week's forecast band of 1.3350 to 1.3650.

That clustering is what makes the setup tight. There is very little room between spot and the first meaningful support, which means a modest dollar bid on Friday's CPI takes out the 50-day and the 100-day within a single session.

An older assessment placed key daily support considerably lower at 1.31392, with an intermediate reference at 1.3276 to 1.3255. Those are the levels that come into play only if the September Fed decision delivers a hike and the Bank of England holds the day after.

The consensus path is pointing there. A 25-provider survey updated Monday morning carries a bearish bias with a projected 1.3327 by the end of September and 1.3347 on a one-month horizon. That implies roughly 1.1% of downside from spot as the base case, taking the pair through 1.3460, 1.3407, and into the 1.3345 zone.

Longer-dated consensus turns friendlier: 1.3385 by December 2026, 1.3479 by March 2027, and 1.3695 by late 2027.

Near-term bearish, medium-term neutral, long-term constructive. The disagreement is entirely about the next four weeks.

Resistance: 1.3548, the 1.3520 Channel Lid, and 1.3673 Overhead

The upside is capped by a stack of levels sitting within 175 pips of spot.

The first resistance to clear is the 23.6% Fibonacci retracement at 1.3548. Immediately below it sits the descending channel's upper trend line at 1.3520, extending to 1.3530 — the level that has repelled every recovery attempt since the peak. A simple moving average cluster converges near 1.3455 on some readings, adding a second layer of overhead supply.

Above 1.3548, the next reference is the Bollinger middle band around 1.3550, then the upper Bollinger band at 1.3668, and the cycle high anchor around 1.3673. A break through that zone would reopen a stronger bullish extension and expose 1.3700, the February 9 high and a psychological round number.

An alternative framing places the upward trend-line break level around 1.3657 as the structural cap, with a daily close above the moving average cluster required to open the path there.

Distance from 1.3500: the channel lid at 1.3520 is 0.15% up. The 23.6% Fibonacci at 1.3548 is 0.36%. The cycle high at 1.3673 is 1.3%. The February high at 1.3700 is 1.5%.

The condition for a genuine breakout is momentum that does not currently exist. RSI at 48.7 sits below the neutral 50 line and the MACD line is slightly negative — a configuration that describes fading upside pressure even while price holds above its major supports. A sustained break away from the moving average barrier would be needed to revive a stronger bullish extension, and that requires a catalyst.

Institutional order-flow reads have flagged a specific trap around 1.3555 to 1.3567: moderate supply overhead against strong demand stacked below, with the push into that band potentially serving as bait to run buy-side stops before reversing. Traders positioning for a breakout at the channel lid should assume the first attempt fails.

The week's forecast band tops out at 1.3650, which sits just under the cycle high. That is the market's honest assessment: sterling can rally roughly 1.1% this week under the most favorable data combination, and it does not clear the August peak.

Getting above 1.3673 requires the Fed to disappoint dollar bulls on September 16 and the Bank of England to hike the following day. That is a two-event sequence, not a one-week trade.

The Rate Differential That Has Vanished

The single fact that explains sterling's behavior in 2026 is that the carry advantage no longer exists on either side.

Bank Rate sits at 3.75%. The Federal Reserve's target range is 3.50% to 3.75%, a midpoint of 3.625%. Sterling holds a 12.5 basis point edge, which is inside the noise of a single day's price action.

That is a dramatic change from the environment that defined the pair for most of the prior three years, when a 125 to 150 basis point gap in the dollar's favor kept GBP/USD capped and made every rally a fade. The gap closing is the reason sterling has held near the top of its multi-year range at 1.35 rather than the bottom.

What replaces the carry trade is sensitivity to everything else. Sentiment, positioning, political headlines, and relative growth expectations all matter more when the interest-rate anchor is gone, and they produce choppier price action than a stable differential does.

The arithmetic of the next two weeks is what traders should be modeling. If the Fed hikes September 16 to a 3.75% to 4.00% range with a 3.875% midpoint and the Bank of England holds at 3.75% on September 17, the differential flips from 12.5 basis points in sterling's favor to 12.5 basis points against it — a 25 basis point swing that historically maps to 150 to 200 pips of GBP/USD downside.

If both hike, the gap returns to where it started and the pair goes nowhere on rates alone.

If the Fed holds and the Bank of England moves to 4.00%, sterling gains a 37.5 basis point advantage and 1.3673 comes into play quickly.

Fed hike probability sits near 60% after Friday's payrolls, having reached 65.4% from below 40% in the aftermath of Warsh's hawkish Jackson Hole address. Bank of England pricing is less certain, which makes the September 17 decision the higher-variance event of the two even though it comes second.

The cross rate offers a cleaner read on sterling in isolation. GBP/EUR sits near 1.1696, supported by the 150 basis point gap between Bank Rate at 3.75% and the ECB deposit rate at 2.25%. An ECB hike Thursday to 2.50% narrows that to 125 basis points and pulls the cross lower.

Watch GBP/EUR Thursday to isolate sterling from dollar noise.

The Bank of England's Split: Three of Nine Voted for 4.00%

The Monetary Policy Committee is closer to hiking than the headline hold suggests.

The MPC held Bank Rate at 3.75% at its July 30, 2026 meeting, but the vote was split, with three of the nine members pushing for an immediate rise to 4.0% on concerns that higher energy costs could spread into wider prices. That followed the June 18 decision, also a hold at 3.75%, in a 7-2 vote with two members voting to raise.

The dissent count has gone from two to three across consecutive meetings. That direction of travel matters more than the outcome, because a committee moving from 7-2 to 6-3 in favor of holding is a committee two votes from tightening.

The next scheduled decision falls September 17, 2026 — the day after UK August CPI publishes. The August print will therefore be one of the last major data points policymakers see before that vote, and it arrives with almost no processing time.

The MPC also holds a separate vote on balance sheet reduction on September 17, which is the next scheduled catalyst specific to sterling. Quantitative tightening decisions do not move the front end but they do move gilt yields at the long end, and a faster pace of asset sales is sterling-positive at the margin.

The inflation backdrop supports the hawks. UK CPI fell to a 15-month low of 2.6% in June before rising to 2.9% in July, and the Bank has projected inflation peaking near 3.2% in the fourth quarter of 2026. Core inflation was 2.6% in July, unchanged from June and down from 3.1% in January. Services inflation ran at 3.4% in July, down from 3.6% in June and 4.4% in January.

The pattern is clear and it is uncomfortable for the committee: underlying disinflation continues while headline inflation rises because of energy. Motor fuel prices contributed 0.6 percentage points to CPI in June, and the underlying disinflation process has been offset by higher energy prices following the Middle East conflict.

A second increase to the Ofgem household energy price cap is expected in October 2026, which adds further upward pressure to the readings after the August data.

A central bank that is not cutting is quietly supportive of its currency. That has been part of why sterling has held its ground all year.

Full statements are published at bankofengland.co.uk.

The UK's Energy Problem Is Bigger Than America's

The transmission channel from Brent crude to sterling is the most underpriced risk in this pair.

Britain imports more of its energy than most developed peers, which means a renewed spike pushes inflation higher on both sides of the Atlantic but historically hits the UK harder. Both the Fed and the MPC explicitly flagged energy-driven supply shocks in their June assessments.

That spike is underway. Brent crude traded around $97.50 on Monday after touching $97.93, its highest since July 24, following US strikes on three Iranian oil tankers and Tehran's retaliation against US-linked vessels. Iran has signaled a restricted maritime zone beyond the Strait of Hormuz in the coming days. Brent gained 7.6% last week and 10.63% over four weeks; it is up 46.99% over twelve months.

UK CPI has already been carrying that burden. The upside news to inflation in the Bank's own April assessment mainly reflected higher fuel prices driven by the Middle East conflict, with services inflation also running above expectation.

The dual effect on sterling is what makes this complicated. Higher energy raises UK inflation, which raises the probability the MPC moves to 4.00% on September 17 — sterling-positive on the rate channel. It simultaneously worsens Britain's terms of trade and squeezes real household income — sterling-negative on the growth channel.

Which effect dominates depends on how the committee frames it. A committee treating energy as a supply shock to look through will hold, and sterling weakens. A committee treating it as a threat to inflation expectations will hike, and sterling firms.

The evidence points toward the hawkish reading. Three members voted for 4.0% in July specifically because they feared higher energy costs could spread into wider prices. That is the definition of not looking through.

The broader framing for the week: if energy prices stay elevated, all three major central banks — the Fed, the ECB, and the Bank of England — may be holding higher rates for longer than their own projections currently assume. That scenario is neutral for GBP/USD as a pair and negative for both economies.

A crude reversal toward $80, which Goldman has flagged as the downside if regional exports normalize, would relieve pressure on the MPC and pull sterling lower on rate expectations. Watch Brent as a sterling input this month.

UK Growth: The Variable That Decides the Medium Term

If energy fades and core measures stay where they are, the tightening now being priced could prove short-lived, and sterling's relative position would depend once more on UK growth.

That is the crux of the medium-term case, and the data arrives Friday. The UK schedule this week features July retail sales and the monthly GDP report, and those releases are the only sterling-specific catalysts before the September 17 decision.

The context is a soft economy. Core inflation at 2.6% and services at 3.4% describe an economy where domestic price pressure is fading rather than accelerating, which is not the profile of a country that needs a rate hike. The hawkish case rests entirely on imported energy.

The Bank's July assessment noted CPI had fallen 0.7 percentage points between March and June despite the boost from higher motor fuel prices, with greater-than-expected disinflation across a wide range of goods and services and food prices providing the largest downside news. Underlying disinflation was working.

Firm inflation expectations remain the counterweight. Firms responding to the 2026 Q1 Deloitte CFO survey raised their one-year inflation expectations by 0.6 percentage points to 3.6%, while two-year-ahead expectations rose only slightly to 2.7%. Household inflation expectations tend to move closely with visible prices such as food and energy, which is precisely what is rising now.

Anchored two-year expectations at 2.7% against elevated one-year expectations at 3.6% is the configuration that lets a central bank hold. If the two-year number starts drifting, the committee loses that option.

For Friday's GDP print, the market read is asymmetric. A strong number reinforces Bank of England hike expectations and lifts sterling into the decision. A weak number does not automatically sink the pound, because it also strengthens the argument that the MPC cannot tighten into a stalling economy — which is dovish but growth-negative, and those cancel.

The cleaner trade is the combination. Strong UK GDP alongside a cool US core CPI on the same morning is the single most sterling-positive outcome available this week, and it would put 1.3673 in play.

Weak UK GDP alongside hot US CPI takes the pair through 1.3460 and 1.3407 within one session.

The Dollar Side: 162,000 Jobs and a Fed That Cannot Speak

Sterling's direction this week is more about Washington than London.

The US labour market came back from the dead and the dollar went with it. Nonfarm payrolls rose by 162,000 in August against consensus forecasts in the mid-50,000s, with the unemployment rate holding at 4.1% and June and July revised higher by a combined 55,000. Fed funds futures moved September hike probability to near 60% from roughly 50% before the print.

The two-year Treasury yield closed Friday at 4.37%, its highest since January 2025. The 10-year finished at 4.784%.

Warsh set the direction in late August. His first Jackson Hole speech as chairman committed the Fed to returning inflation to 2%, and hike expectations rose to 65.4% from below 40% on that address alone. The committee is now inside its pre-meeting blackout, so no official can shape expectations between today and the September 16 decision.

That blackout is why Friday's US August CPI carries so much weight. It publishes at 8:30 a.m. Eastern as the last major price reading before the Fed decides, and the print is expected to split — headline at 0.4% month over month driven by energy against a benign 0.2% core.

The asymmetry favors sterling modestly. With 60% already priced for a hike, a hot print largely confirms existing positioning and delivers limited incremental dollar strength. A cool core reading has to unwind a 60% probability from a starting point where dollar longs held firm through Jackson Hole — and unwinds of crowded positions travel further than confirmations of them.

That asymmetry is the strongest argument for GBP/USD upside this week and it has nothing to do with the UK.

The width of the range is what costs money rather than the direction. On a £400,000 transfer, converting at 1.3650 rather than 1.3350 is the difference between $546,000 and $534,000 — $12,000 on the same pounds, decided by two data releases inside 24 hours.

The second dollar drag is structural rather than cyclical: concerns about rising US government debt and economic policy uncertainty are weighing on the greenback independent of rate expectations, which is why Friday's payroll beat produced a rally that faded rather than a breakout.

US release detail is at bls.gov/cpi.

Thursday's ECB Decision Is a GBP/USD Event Too

The European Central Bank decides Thursday, September 10, and the read-through to sterling runs through two channels.

The direct channel is the cross. GBP/EUR sits near 1.1696, equivalent to EUR/GBP at 0.8550, supported by the 150 basis point gap between Bank Rate at 3.75% and the ECB deposit rate at 2.25%. A hike Thursday to 2.50% narrows that gap to 125 basis points and could pull the cross toward the lower half of its 1.1500 to 1.1750 range. A Bank of England hike on September 17 would do the opposite.

Sixty-five economists in a Reuters poll unanimously expect the 25 basis point increase, and markets have fully priced it after euro area August headline HICP accelerated to 3.3% — the highest since September 2023 — on energy inflation of 14.3%.

The indirect channel is broader dollar positioning. A hawkish ECB weakens the dollar against the euro, and dollar weakness generally transmits to sterling given the pair's current sensitivity to greenback moves rather than to UK fundamentals. With no major UK data before Friday, sterling takes its lead largely from dollar moves, which means Thursday's euro reaction spills directly into GBP/USD.

The complication is that a dovishly-framed ECB hike — one presented as terminal, with the energy shock acknowledged and medium-term projections showing core at target — sells the euro despite the higher rate. Euro area core inflation eased to 2.4% in August from 2.5%, and services inflation fell to a four-month low of 3.0%, which gives Lagarde ample material for that framing.

If the euro sells off on a hike, the dollar index firms, and sterling gets dragged toward 1.3460 without any UK news at all.

That is the specific risk for Thursday: a sterling decline caused entirely by a European central bank decision, on a day when the UK has no data to offset it.

The cleanest way to read Thursday's outcome for sterling: watch GBP/EUR rather than GBP/USD. If the cross holds above 1.1650 through the press conference, the euro was sold and the dollar firmed, and GBP/USD will follow lower. If GBP/EUR breaks below 1.1600, the euro was bought and the dollar softened, and GBP/USD gets a lift by association.

Both outcomes are live, and neither says anything about the pound itself.

Where the Forecasters Sit

The consensus is bearish near term and constructive further out, and the dispersion between institutions is wide.

The most current aggregation, updated Monday morning across 25 providers, carries a bearish bias and projects GBP/USD at 1.3327 by the end of September 2026, 1.3385 by December 2026, and 1.3479 by March 2027, reaching 1.3695 by late 2027. On a one-month time-adjusted path, the projection sits at 1.3347.

That is roughly 1.1% of downside over the next four weeks followed by a slow recovery.

A separate view sets the remainder-of-2026 range at $1.32 to $1.36 with a year-end level around $1.34, noting that sterling currently sits toward the stronger end of levels seen in recent years and is unlikely to make significant further gains in the short term. That house does not expect a sustained move meaningfully above $1.36 for the rest of the year.

The median forecast among 25 major banks runs approximately $1.33 for the third quarter of 2026 and $1.34 for the fourth. Considerable disagreement exists between forecasters, which is normal — exchange rates respond to data, rates, politics, and unexpected global events, and any of those can change the outlook quickly.

A wider three-month framing puts GBP/USD between 1.32 and 1.39 with a base case of 1.34 to 1.38, which brackets spot on both sides and effectively declines to take a view.

The outlier sits considerably higher, projecting a September start at 1.359 with a monthly high of 1.413 and a month-end close of 1.392 — a 2.4% gain that would require sterling to clear the cycle high, the February peak, and 1.38 in three weeks. Nothing in the current rate configuration supports that.

Goldman Sachs, Scotiabank, and Morgan Stanley have each published different year-end projections, and one of those houses has held a bullish sterling view supported by firmer yield spreads and fading bearish hedges.

The practical synthesis: consensus expects a test of the low 1.33s within a month, followed by stabilization in the mid-1.34s. Spot at 1.3500 is trading above where the aggregate expects it to be in four weeks.

That gap is the market's own statement that near-term risk is skewed lower.

Scenario Map: Three Paths Through September 17

Three outcomes are live and each has a defined trigger.

The base case is range-bound trading between 1.3460 and 1.3548 through Thursday, and it carries the highest probability. There is no UK data before Friday, US markets are closed Monday, the Fed is in blackout, and the pair sits above its 50-day SMA with RSI at 48.7 and a slightly negative MACD. That configuration produces drift, not direction. Expect a 60 to 90 pip range with the channel lid at 1.3520 capping rallies.

The bearish case begins with a daily close below the 1.3470 to 1.3460 band. That opens the 100-day moving average at 1.3445 and the lower Bollinger band at 1.3432, then the 50% retracement at 1.3407 and the 1.3345 Fibonacci level that anchors the bottom of this week's forecast band. The trigger set is specific: hot US core CPI Friday pushing hike odds past 70%, weak UK July GDP the same morning, and a Fed hike on September 16 followed by a Bank of England hold on September 17. That sequence flips the rate differential 25 basis points against sterling and takes the pair toward 1.3255.

The bullish case requires a daily close above 1.3548 with follow-through. That opens the upper Bollinger band at 1.3668 and the cycle high anchor at 1.3673, with 1.3700 — the February 9 high — above it. The trigger is a benign US core print at 0.2% collapsing hike odds toward 40%, strong UK GDP Friday, and a Bank of England move to 4.00% on September 17 against a Fed hold. That combination hands sterling a 37.5 basis point advantage and would justify a move toward 1.38.

Probability weighting on current inputs: range trading through Thursday is the clear favorite. Friday splits the remaining outcomes with a modest bearish tilt reflecting the consensus survey and the descending channel structure, offset by positioning asymmetry on the dollar side.

The honest caveat that applies to all three: a single surprising release or a shift in the geopolitical backdrop can move a major pair by more than a cent in a session. A forecast is a framework for planning rather than a statement of where the rate will be on any given day.

With Brent at $97.50 and an active naval conflict in the Gulf, the geopolitical shift is not hypothetical.

Verdict: Neutral to Bearish Below 1.3548 — 1.3460 Is the Line, 1.3673 the Prize

The forecast is neutral with a bearish short-term tilt and a structurally supported floor. GBP/USD near 1.3500 sits inside a descending channel that has capped every rally at 1.3520 to 1.3530 since sterling failed to clear 1.3650 and print a new six-month high in late August. The pair holds above the 50-day simple moving average at 1.3460 and the 38.2% Fibonacci retracement of the June-August rise, which together form the strongest support on the board, but RSI at 48.7 sits under the neutral line and the MACD is slightly negative — momentum is fading even as price holds. The bearish trigger is explicit: a daily close below the 1.3470 to 1.3460 band opens the 100-day at 1.3445, the lower Bollinger at 1.3432, the 50% retracement at 1.3407, and then 1.3345, which is where a 25-provider consensus updated Monday morning already expects the pair to be within a month at 1.3327. The bull case needs a close above the 23.6% retracement at 1.3548 with volume, which opens 1.3668 and the cycle high at 1.3673, with the February 9 peak at 1.3700 beyond it. What makes this pair difficult rather than directional is that the rate differential has effectively vanished — Bank Rate at 3.75% against a Fed midpoint of 3.625% is a 12.5 basis point edge, and when the carry disappears GBP/USD stops being an interest-rate trade and becomes a sentiment and positioning trade with choppier price action. The differential returns in nine days. The Fed decides September 16 with hike odds near 60% after 162,000 August payrolls, and the Bank of England decides September 17, the day after UK August CPI, with three of nine members already voting for 4.00% in July on fears that energy costs would spread into wider prices. A Fed hike and a BoE hold flips 25 basis points against sterling and targets 1.3255. The reverse hands sterling 37.5 basis points and puts 1.38 in play. Base case through Thursday: drift between 1.3460 and 1.3548 on thin post-holiday volume with the ECB decision Thursday capable of moving the pair through the euro cross rather than through anything British. Friday brings UK July GDP and US August CPI within the same session — the only day this week that resolves anything. Trade the 1.3460 line, demand a daily close before acting on either break, and remember that Britain imports its energy while Brent sits at $97.50.

That's TradingNEWS