Market Moving News: GBP/USD - Aug 10

By IBTimes Staff Reporter | August 10 2010 12:48 AM

Gbp/usd - 1.5820 ... The British pound fell sharply to 1.5773 in tandem with euro after triggering stops at 1.5800. The falling U.K. RICS and weak BRC retail sales added fears of double dip recession in U.K., however, some profit-taking bids at 1.5770/80 lifted price as traders are waiting for the release of U.K. trade data at 08:30GMT as well as the important FOMC rate decision at 18:15GMT. Offers by European names are tipped at 1.5840/50 n 1.5880/90. On the downside, some bids are located at 1.5775/80 n 1.5750.

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