Intra-Day Market Moving News and Views
Update Time: 20 Sept 2019 03:30GMT
GBP/USD - 1.2544... The British pound finds renewed buying after paring yesterday's gains. Although cable rose to 1.2500 in European morning on Thursday, renewed selling emerged and price fell 1-tick below Wed's 1.2439 low to 1.2438 ahead of New York open.
However, the pair erased its losses and later rallied to a 2-month high at 1.2560 after European Commission President Jean-Claude Juncker said a Brexit deal could be reached before retreating to 1.2518 at Asian open today on profit-taking. Price then rebounded on usd's weakness.
Although cable's rally to 1.2560 yesterday suggests recent upmove from September's 34-month trough at 1.1959 has once again resumed, subsequent retreat would yield range trading before marginal gain, hence buying on dips is still recommended, however, risk of correction has increased due to loss of upward momentum.
Bids are noted at 1.2520-15 with stops below 1.2500.
While offers are tipped at 1.2560 with more above with stops above 1.2600.
There will no economic data from U.K. today but Bank of England will publish its quarterly bulletin (Q3) at 11:00 GMT and traders should pay attention to any Brexit headlines.
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