Intra-day Market Moving News and Views
28 Aug 2015 07:09GMT
GBP/USD - ...... The British pound finally gained some respite after yesterday's selloff to 1.5370 in NY morning and staged a recovery to 1.5431 in NY afternoon yesterday.
Price found renewed buying at 1.5400 AnD rose to 1.5442 in Asian morning in tandem with euro, however, cross-selling of sterling vs euro pressured the pair back down and price retreated to 1.5410 in early European morning.
Mkt focus is now on the release of UK GDP at 08:30GMT. Street forecast is for the figures to remain unchanged from the 1st estimate of 0.7% QQ and 2.6% YY.
Offers are now seen at 1.5450/60 and more above at 1.5470/80 with stops building up above there whilst initial bids are seen at 1.5380/90, suggesting choppy trading is envisaged.
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