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GBP/USD Fundamental Outlook at 1500 GMT (EST + 0500)

04 Nov, 2009 @ 03:14 pm ET | By Gci Financial Ltd.


The British pound moved sharply higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.6595 level and was supported around the $1.6400 figure.  Data released in the U.K. today saw Nationwide consumer confidence print at 72.0, unchanged from September's reading.  Also, the October PMI services index rallied to 56.9 from 55.3 in September.  Furthermore, the BRC October shop prices index was unchanged m/m and y/y.  Cable bids are cited around the US$ 1.6240 level.  The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ?0.8980 level and was supported around the ?0.8920 level.  Euro bids are cited around the ?0.8780 level.

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