Intra-Day Market Moving News and Views

Update Time: 30 Jun 2020 04:30GMT

GBP/USD - 1.2300... The British pound went through a volatile session yesterday as despite initial rise from 1.2327 in New Zealand to an intra-day high at 1.2389 at European open, price erased its gains and tumbled in European session to a 1-month trough at 1.2252 in New York morning on sterling's broad-based weakness on concerns over UK's spending plan together with fears of a hard Brexit as the fifth round of negotiations between EU and UK begin. Later, the pair staged a short-covering rebound to 1.2317 at Asian open today before retreating.

Cable's intra-day retreat from 1.2317 suggests the recovery from yesterday's 1-month trough at 1.2252 has ended and there and consolidation with downside bias remains for a re-test of said support, break would extend decline from June's near 3-month peak at 1.2812 to 1.2220/25.
Offers are now seen at 1.2310/20 with stops building up above there whilst initial bids are noted at 1.2200/10.

Pay attention to the release of UK GDP at 06:00GMT. Street forecasts for QQ and YY are unchanged from previous readings of -2.0% and -1.6% respectively. Market focus is also on UK PM Boris Johnson, who is set to unveil UK's new infrastructure plan later today.

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