Intra-Day Market Moving News and Views

Update Time: 10 Dec 2019 04:30GMT

GBP/USD - 1.3155... The British went through a roller-coaster ride yesterday as despite falling to 1.3130 in New Zealand, price jumped to a 7-month peak at 1.3180 ahead of European open on continued optimism that UK Prime Minister Boris Johnson's Conservative Party will win with majority in this week's election. However, price then pared its gains and retreated to 1.3136 in New York after an ICM poll showed a narrowing lead for the Conservatives, then marginally lower to 1.3135 in Australia today before staging a rebound.

Cable's intra-day rebound from 1.3135 suggests the pullback from yesterday's high at 1.3180 has ended there and trading from long side for a resumption of MT uptrend is favored.
Bids are now seen at 1.3140/50 and more below at 1.3120/30 with stops building up below there whilst initial offers are noted at 1.3210/20.

There is a slew of UK data to be released today but particular attention should be given to UK's GDP release at 09:30GMT. Street forecasts for mm and yy are 0.1% and 0.7% vs previous readings of -0.1% and 0.9% respectively.

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