The British pound weakened vis-Ã -vis the U.S. dollar today as cable tested bids around the US$ 1.9820 level and was capped around the $1.9880 level. Technically, todayâ€™s intraday high was right around the 50% retracement of the move from $1.9370 to $2.0395. Many traders believe Bank of Englandâ€™s Monetary Policy Committee will reduce its headline repo rate within the next two months. Cable bids are cited around the US$ 1.9605 level. The euro moved higher vis-Ã -vis the British pound as the single currency tested offers around the ₤0.7795 level and was supported around the ₤0.7760 level.
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