Intra-Day Market Moving News and Views
Update Time: 11 Oct 2019 04:30GMT
GBP/USD - 1.2438... The British pound pares yesterday's gain in relatively calm Asian trading. Cable initially gained from 1.2203 in Australia to 1.2265 in Europe on Thursday and despite subsequent retreat to 1.2216 in New York morning, price found renewed buying and rallied to a 2-week high at 1.2469 on positive Brexit news after UK Prime Minister Johnson met with Irish Prime Minister Varadkar before weakening to 1.2420 (Reuters) in Australia today on profit-taking.
Cable's impressive rally to 1.2469 yesterday suggests recent decline from September's 2-month peak at 1.2582 has made a temporary low at 1.2196 on Tuesday and range trading would be seen ahead of European open before price extends to 1.2500/10, however, overbought condition may cap price below 1.2560 today and yield correction.
Bids are noted at 1.2415-10 and more below with stops below 1.2360 while offers are tipped at 1.2500/10 with stops above 1.2530.
Although there is no economic data coming from UK today, the pound is likely to remain volatile on intra-day Brexit headlines, so be nimble and be quick.
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