The British pound moved higher vis-Ã -vis the U.S. dollar today as cable tested offers around the US$ 1.9945 level and was supported around the $1.9825 level. Technically, todayâ€™s intraday high was right around the 61.8% retracement of the move from $1.9170 to $2.1160. Data released in the U.K. today saw Nationwide property prices fall 0.1% m/m in January. Many traders believe Bank of Englandâ€™s Monetary Policy Committee will reduce the repo rate by 25bps to 5.25% next week. It was also reported that the GfK January consumer confidence barometer printed at -13, up from Decemberâ€™s -14 tally. Cable bids are cited around the US$ 1.9640/ 1.9260 levels. The euro came off vis-Ã -vis the British pound as the single currency tested bids around the ₤0.7445 level and was capped around the ₤0.7490 level.
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