GBP/USD - 1.6998 ... Traders are reluctant to build up large positions ahead of the BoE rate decision due out at 11:00GMT as there were rumours that BoE may announce a change in its quantitative easing program. Cable has fallen fm 1.7030 to 1.6957 this morning on active cross-selling in sterling (gbp/jpy dropped fm 162.05 to 161.10) but later bounced in tandem with euro on returning risk appetite. Bids fm various accounts (including st specs) are now building up fm 1.6980 down to 1.6950 n more are at 1.6920/30 with stops around 1.6900. On the upside, offers (some are for profit-taking purposes) are seen at 1.7020/30 n around y'day's '09 high at 1.7044.
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