Intra-Day Market Moving News and Views
Update Time: 13 Sept 2019 03:30GMT
GBP/USD - 1.2334... The British pound pares overnight gains after Thursday's roller-coaster ride. Although cable moved sideways in Asia and edged up to 1.2342 in European morning, price briefly fell to session lows at 1.2284 at New York open on selloff in euro. However, renewed buying emerged and the pair rallied in tandem with euro to intra-day high of 1.2366 before retreating to 1.2328 at Asian open today.
Despite cable's resumption of erratic from Mon's near 6-week high at 1.2385 to 1.2284, subsequent strong rebound to 1.2366 suggests correction has ended and consolidation would be seen before recent upmove from last Tuesday's 34-month trough at 1.1959 heads towards projected target at 1.2430.
Bids are noted at 1.2330-20 with stops below 1.2300 while offers are tipped at 1.2370 with more above and stops reported above 1.2420.
Although there is no economic data coming out from U.K. today, we have Bank of England's Executive Director, Andrew Hauser participating in a panel at TradeTech FX Europe at 08:00 GMT.
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