Intra-Day News and Views & data to be released today - GBP/USD

AceTrader Team AceTrader

Intra-Day Market Moving News and Views

Update Time: 19 Nov 2019 04:20GMT

GBP/USD - 1.2953... The British pound proved quite tricky to trade yesterday as the pair opened higher in New Zealand on UK election optimism and rose to session highs at 1.2985 in European morning due partly to cross-buying in sterling especially vs euro. However, price then pared its gains and retreated to 1.2943 ahead of New York open before staging a rebound to 1.2972 in New York and then retreating again to 1.2946 in Asian morning today.

Although cable's retreat after yesterday's rally to near 4-week peak at 1.2985 would yield consolidation before re-test of October's 5-month peak at 1.3012 is seen, break would extend erratic upmove from September's low at 1.1959 to 1.3047 later.
Bids are now seen at 1.2940/50 and more below at 1.2920/30 with stops building up below there whilst initial offers are noted at 1.3020/30, suggesting buying on intra-day dips is the way to go.

Pay attention to the release of UK CBI trends survey at 11:00GMT. Street forecast is -30 vs previous reading of -37.

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AceTrader Team

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