Gbp/usd - 1.5294 ... The British pound rebounded strongly fm y'day's low of 1.5141 in tandem with euro on short covering to a high of 1.5305 in Australia. However, focus remain on U.K. politics as PM Gordon Brown pushed through next year's planned rise in national insurance against the advice of senior Treasury officials who argued instead for an increase in VAT. A vigorous debate at the top of the Cabinet is in progress. Alistair Darling and Lord Mandelson were equally open to increasing VAT to raise the billions required to help to cut the deficit. Bids are now noted at 1.5265/70 n 1.5230/35 with stops seen below 1.5200. On the upside, some offers are tipped at 1.5310/20 with stops seen abv 1.5320, however, selling interest fm various accounts is tipped at 1.5350.
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