Market Moving News: GBP/USD - Aug 26

By IBTimes Staff Reporter | August 26 2010 12:31 AM

GBP/USD - 1.5552 ... Cable has maintained a firm undertone after intra-day rally fm 1.5467 to as high as 1.5565 in Asia, triggering large stops abv 1.5495/00 on the way up. Market spotted aggressive buying by a US bank fm 1.5500 to 1.5530 was behind the move. Buying seems to be done for now n market awaits Europe to come in for clues if European traders will continue to bid cable higher or not as mentioned earlier, order book is pretty empty but st specs may be looking to buy on dips after intra-day breach of previous good res at 1.5480/90.

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