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Friday, January 12, 2007

GBP/USD: Extends North to New Nine-Day Highs Amid USD Selling

Good size USD selling from a Middle Eastern name has reportedly helped inflate cable to a new nine-day peak of 1.9581. Touted bull targets above include 1.9600, and 1.9650. A large 1.9650 option strike rolls off next Tuesday, post-UK inflation data. 1.9558 (earlier stall point) is now a pullback support point. Lower props include 1.9538 (yesterday's low), and 1.9510.

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