Intra-day Market Moving News and Views
20 Nov 2015 02:30GMT
GBP/USD - ........ Although the British pound fell briefly but sharply to session low at 1.5236 in European morning after the release of poor UK retail sales data, price was dragged higher by the weakness in USD and gained to 1.5275 before rallying in tandem with euro to intra-day high at 1.5336 at New York midday.
However, renewed selling there pressured the pair lower and cable tumbled to 1.5286 near New York closing, then lower to 1.5270 in Asian morning before recovering.
Since there is no major eco. data due from UK today, price is likely to track euro's intra-day movements closely. Having said that, traders should also keep a keen eye on EUR/GBP cross.
Offers are now seen at 1.5290/00 and more above at 1.5310/20 with stops building up above there whilst initial bids are noted at 1.5240/50, suggesting selling on intra-day pullback is the way to go.
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