GBP/USD - 1.5520.. Intra-day sterling bears n bulls must be licking their wounds after y'day's wide gyrations in all 3 sessions. Cable has remained under pressure in Asian morning after meeting heavy offers when price rallied to 1.5599 in NY but selling has subsided as price dips twd y'day's European low at 1.5506. Some stops are touted below 1.5500 but bids are reported abv 1.5480, suggesting buying the pound on dips rather than selling on a break of 1.5500 is favoured. Key event to focus b4 Bernanke's speech is UK's Q2 GDP at 08:30GMT, estimates showed the British economy expanded 1.1%, being the fastest pace in 4 years, however, sources fm National Institute of Economic n Social Research (Niesr) has called this a blip, so unless the figure is much higher than 1.1%, beware of a brief blip in sterling n then down after the release.
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