GBP/USD - 1.5241.. Although sterling was dragged lower y'day by intra-day selloff in euro n hit a low of 1.5240 in early European trading, the smaller-than-expected U.K. PSNB caught st specs (who were short) by surprise, a wave of short-covering buying spree sent price briefly to 1.5329. Cable later fell sharply on sales by a U.S. name on rumour in NY morning of a U.S. rate hike but good buying interest (probably by the same party) lifted price back to 1.5278. Asian traders have shown little interest in the pound, suggesting sideways move wud continue until London opening though market is still short n suspect good buying interest remains at 1.5220/00 area.
Join the Discussion