Intra-Day Market Moving News and Views
Update Time: 04 Jul 2019 03:00GMT
GBP/USD - 1.2586.. The British pound gains respite in subdued Asian morning after hitting a 13-day trough of 1.2557 in European morning on Wednesday, despite release of another downbeat U.K. eco. data (services PMI), failure to penetrate said European low lifted price to 1.2591 shortly after New York open on downbeat U.S. ADP private payrolls n price later swung sideways in directionless New York session.
Although cable's range trading above 1.2557 would continue until European open, as decline from last week's high at 1.2784 to 1.2557 Wednesday signals early correction from June's 1.2507 bottom has ended, downside bias remains for price to re-test said sup later today or tomorrow, so selling sterling on recovery is the way to go.
Offers are tipped at 1.2590/00 with stops touted above 1.2620.
While bids are noted at 1.2560-50 with stops below 1.2540.
After release of slew of U.K. PMIs earlier this week, no U.K. data is due out today, so funds flow will dictate intra-day price swings.
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