After a week of consolidation, GBP/USD is trying to reignite its rally. M&A concerns are helping keep dealers from jumping into GBP longs with both feet as RBS joins the fray with a largely cash bid for ABN (along with partners Fortis and Santander).
A pharma deal is working its way through the market a well, helping keep the topside contained. Offers are scattered from 2.0060 to 2.0150 but small stops are eyed near 2.0070 near-term, dealers note. Bids are eyed at 2.0035 and 2.0005 near-term. Cable trades now at 2.0048.
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