Intra-day Market Moving News and Views
06 Nov 2015 02:00GMT
GBP/USD - ........ Despite trading sideways in Asia and edging up to session high at 1.5402 in European morning, the British pound tumbled after the Bank of England hinted that rates could remain on hold for some time heading into next year.
Cable continued to ratchet lower to and hit an intra-day low at 1.5207 in late New York afternoon. Price finally gained some respite and staged a minor rebound to 1.5220 in Asian morning today before retreating again.
Traders should pay attention to the release of UK industrial and manufacturing output at 09:30GMT.
Offers are now seen at 1.5230/40 and more above at 1.5250/60 with stops building up above there whilst initial bids are noted at 1.5180/90, suggesting selling on pullback for a resumption of recent downtrend is still favored.
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