FXstreet.com (Córdoba) - Cable is extending its gains against the Dollar minutes before the opening bell at Wall Street. GBP/USD broke above 1.5825 and rose to 1.5842 posting a fresh intra-day high. The pair is now in the positive side and is 0.10% above today's opening price. GBP/USD has risen more than 130 pips after reaching the lowest level since may 21st at 1.5710.
According to the FXMarketAlerts Team: GBP is in competition with USD to see which currency will be the worst performing at the end of the session. Currently, it is too close to call. While the currencies are suffering for different reasons, the extra liquidity in USD is likely to contribute to its weakness and seal its position at the back of the pack. But, newswire reports of comments being made by BoE's Posen have not helped GBP's cause. Posen has been quoted saying there are still problems in the banking system and it is possible there is another banking system problem in the US. This is not news to anyone, but, at the same time, it is unusual for a central bank official to make such comments.