The British pound moved higher vis--vis the U.S. dollar today as cable tested offers around the US$ 2.0045 level and was supported around the $1.9925 level. Technically, todays intraday high was just above the 38.2% retracement of the move from $2.1160 to $1.9335. Most traders believe Bank of Englands Monetary Policy Committee will reduce the repo rate next week by 25bps or 50bps. Cable bids are cited around the US$ 1.9605 levels. The euro gained ground vis--vis the British pound as the single currency tested offers around the ₤0.7885 level and was supported around the ₤0.7840 level.
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