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

AceTrader Team AceTrader

Intra-Day Market Moving News and Views

Update Time: 06 Dec 2019 04:30GMT

GBP/USD - 1.3158.. The British pound remains on the front foot after continuing its recent winning streak to a 7-month peak of 1.3166 near New York midday due to broad-based buying in sterling esp. vs the euro (eur/gbp cross tumbled to a fresh 2-1/2 year trough of 0.8431) as market's optimism of a Conservative election win (instead of a hung Parliament) triggered speculative buying as well as short covering in the pound.

With the daily chart continues to point for a higher cable ahead of Dec 12 U.K. general election, one can expect cable to head towards 1.3383 (2019 peak in Mar) next week. Having said that, short-term risk remains for the pound especially if U.S. NFP comes in as per market forecast of a 180K increase, then a long liquidation may occur but position takers should use any 50-75 points pullback as buying opportunity to load up more cable.
For now, bids are noted at 1.3150-30 are with some stops below 1.3120, more stops are touted below 1.3080.
Offers are tipped at 1.3165/75 with some stops reported abv 1.3200.

Eco. calendar is pretty light in the U.K. with Halifax home prices being the only data due out at 08:30GMT.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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