Intra-Day Market Moving News and Views
Update Time: 05 Nov 2019 04:30GMT
GBP/USD - 1.2882... The British pound retreated to 1.2910 in European morning yesterday on continued UK Brexit election concerns. Renewed selling at 1.2927 at New York open knocked price down and the pair fell to session lows at 1.2876 in New York afternoon on usd's broad-based strength together with cross-selling of sterling especially vs euro and continues to remain under pressure in Asian morning today.
Cable's selloff to 1.2876 yesterday suggests early pullback from 1.2789 has ended at 1.2975 last Thursday and consolidation with downside bias remains. Offers are touted at 1.2900/10 and more above at 1.2920/30 with stops building up above there, suggesting selling on intra-day recovery is the way to go.
Pay attention to the release of UK services PMI at 09:30GMT. Street forecast is for a slight uptick to 49.7 from previous reading of 49.5.
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