Large stops remain noted above the 1.9730 level where cable failed following the post-UK data rally. GBP/USD continues to hold in the 1.9700's with bidding into the figure propping pullbacks while Sterling meditates and looks for the momentum to make another run at the stops.
US data is set for release at 13:30 GMT and the retail data is expected to generate the next short-term bias for the North American morning. Technicians may talk of 35-Year trend-line breaks but into the year-end and the focus will remain on a run at 2.0000. UK Clearers see a break above 1.9730 as a topside trigger for a return to 1.9850 but in the medium-term the selling into the 2.00 area will prove significant.
Against the Euro, the Pound has managed to sustain its strength following the earlier UK data. EUR/GBP dropped to 0.6725 in the wake of the release but support into this level is yet to capitulate with sellers preferring to take on shorts into the 0.6730's.
No comments:
Post a Comment