Intra-Day Market Moving New and Views
22 Sep 2014
GBP/USD - ...... Despite cable's retreat after intra-day rebound from 1.6288 (Aust.) to 1.6365 in Asia morning, price found support at 1.6334 shortly after European open due to renewed cross-buying in sterling vs euro n yen.
Buying interest is seen at 1.6330-20 with demand fm various accounts noted at 1.6305/00. On the upside, Offers are noted at 1.6365/70 n then 1.6380 with mixture of offers n stops placed at 1.6400-10.
Last Friday Cable swung wildly n to a lesser extent in today, Monday's trading.
Despite an initial rally to 1.6525 in Asia, price tumbled to as low as 1.6284 near NY close on long liquidation as investors locked in gains after more voters in Scotland's independence referendum elected to remain inside the United Kingdom. Price briefly rebounded to 1.6340 in Mon's NZ n then retreated to 1.6385 b4 climbing back to 1.6364 in Tokyo lunch session.
With the referendum issue out of the way, investors are turning their attention back towards the Bank of England's monetary policy stance n therefore, choppy range trading inside 1.6300-1.6400 is expected today.
Offers are noted at 1.6360-70 n around 1.6380 with mixture of offers n stops placed at 1.6400-10. On the downside, bids are located at 1.6285-80 with stops below there.
On Sunday, U.K. PM David Cameron's office said:
'Scotland will get more autonomy with no "ifs or buts"', after Scottish leader Alex Salmond accused him and other politicians of tricking Scots out of independence.
'It is the people who were persuaded to vote "No" who were misled, who were gulled, who were tricked effectively,' Salmond told BBC TV, saying he thought last-minute promises of greater powers and continued higher-than-average funding, which he said were already unravelling, had swayed the vote's outcome.
Cameron's office responded by saying the government would stick to its promises. Miliband, leader of the Labour party, said on Sun he disagreed with the proposals because he thought more time and consultation was needed to work out a solution to 'the English question' accusing his rival of playing politics.
He told BBC 'You know we've spent two years trying to keep our country together. Let's have a proper constitutional convention, let's look at these issues; Let's not drive our country apart because David Cameron thinks it's a sort of opportunity for him to do it.'
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