Intra-day Market Moving News and Views
05 Aug 2015 08:13GMT
GBP/USD - ...... Although cable came under renewed selling pressure at 1.5574 in Australia and then tanked to 1.5526 in Asia after tripping stops below last week's low at 1.5549, short-covering emerged there and price later climbed to 1.5588 in European morning, helped by active cross-buying in sterling vs euro.
At present, investors are awaiting the release of important UK services PMI at 08:30GMT. Market forecast is for the UK services PMI for July to come in at 58.2, a slight drop from previous month's figure of 58.5.
For now, offers are reported at 1.5590-00 and more around 1.5620 with stops above 1.5650, whilst bids are noted at 1.5550-40 with mixture of bids and stops at 1.5520-10.
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