Market Moving News: GBP/USD - Feb 1

By IBTimes Staff Reporter | February 01 2010 12:05 AM

GBP/USD - 1.6146.. Asian traders are inclined to be buyers of the pound on dips rather sellers this week. Despite intra-day selloff in euro, renewed buying of sterling vs euro has contained cable's downside at 1.6110 (3 ticks below o/n NY 1.6113 low). Bids are reported at 1.6110-1.6090 but beware of the stops built up below last week's 1.6077 low. Order book is thin on this end-of-the-month Friday, so one can assume sellers wud be eager to short cable at 1.6170-00 area.

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