Intra-Day News and Views and data to be released today - GBP/USD
|Intra-Day Market Moving News and Views
Update Time: 14 Oct 2019 04:30GMT
GBP/USD - 1.2592... The British pound remains on the back foot in Asian trading after Friday's volatile session. Cable traded with a firm bias and rose to 1.2506 in European morning and despite a brief but sharp fall to 1.2409 on initial comments from EU's Tusk, the pair later rallied to a 3-month high at 1.2708 in New York morning due to constructive Brexit talks between UK's Barclay and EU's Barnier before retreating to 1.2591 today.
Despite cable's rally above September's high at 1.2582 to 1.2708, subsequent retreat suggests recent upmove from 2019 34-month trough at 1.1959 (Sep) has made a temporary top, as long as 1.2582 holds, another rise would be seen after consolidation, however, reckon 1.2755/63 would remain intact.
Bids are noted at 1.2590-85 with stops below 1.2575 while offers are tipped at 1.2640/45 with more above with stops reported above 1.2735/40.
Although there is no economic data coming from UK today, we have Bank of England Deputy Governor Jon Cunliffe due to speak at 12:10 GMT on the outlook for monetary policy at the Society of Professional Economists annual conference.
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