Intra-Day Market Moving News and Views

Update Time: 16 Jan 2020 04:30GMT

GBP/USD - 1.3044... The British pound proved to be quite tricky to trade on Wednesday. Although cable extended Tuesday's gain to 1.3042 in Asia, price met renewed selling and dropped to an intra-day low of 1.2985 in European morning on soft UK inflation data. However, the pair then rebounded to 1.3028, and then 1.3040 (Reuters) in New York afternoon before retreating to 1.3023. The pound then rose to 1.3057 in Australia today and move sideways in subdued Asian session.

Despite cable's resumption of decline from 1.3283 (December 31) to an 18-day low of 1.2955 on Tuesday, subsequent rebound to 1.357 today suggests temporary bottom is in place and consolidation with mild upside bias remains, however, loss of momentum should cap price below 1.3080 (38.2%) and yield retreat.
Bids are noted at 1.3035-30 with stops below 1.3005-00 while offers are tipped at 1.3065/70 with stops above 1.3100.

Although we have no economic data from UK later today, we have Bank of England Chief Economist Andy Haldane scheduled to speak at 18:00 GMT.

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