Intraday Market Thoughts @ 01:50 ET

By IBTimes Staff Reporter | May 31 2010 6:48 AM

GBP REMAINS PRESSURED after the resignation of UK Chief Treasury Secretary (second to Chancellor of Exchequer) over illegal expenses. Mr Laws is credited with engineering the 6 bln in planned budget cuts. GBPUSD eyeing trendline resistance from Apr 26 high at $1.4580, followed by $1.4630. Meanwhile, Caja Madrid, Spains second largest savings bank starts merger negotiations with 5 regional banks in the hope of forming a larger balance sheet and tap 99 billion in government bailout funds. The Spanish government wants to consolidate the current 45 regional caja banks down to 15.

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