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GBP/USD Technical Analysis 5 September 2008 Market Moving News: GBP/USD - Sep 5 GBP/USD Fundamental Outlook at 1500 GMT (EST + 0500) More GBP/USD

The British pound appreciated vis--vis the U.S. dollar today as cable tested offers around the US$ 2.0030 level and was supported around the $1.9900 figure. Technically, todays intraday high was right around the 38.2% retracement of the move from $2.1160 to $1.9335. Sterling moved higher following the release of Bank of Englands July Monetary Policy Committee meeting minutes. Seven policymakers voted for no change in rates while Blanchflower voted for a 25bps decrease as expected. Unexpectedly, MPC member Besley voted for a +25bps rate hike and this prompted the move higher. Data released in the U.K. today saw U.K. manufacturers confidence fall as price pressures reached a new eighteen-year high. Other data released today saw the CBI monthly order book balance fall to -8 from +1 in May while BBA mortgage approvals fell to a new series low in June. Traders await the release of June retail sales data tomorrow. Cable bids are cited around the US$ 1.9870/ 1.9360 levels. The euro moved lower vis--vis the British pound as the single currency tested bids around the ₤0.7840 level and was capped around the ₤0.7930 level.

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