[B]13 Nov 2014 [/B] [I]08:03GMT [/I]
[B]GBP/USD[/B] - ...... Cable remains under pressure in European morning after yesterday's dovish BoE inflation report and hovers just above Aust.'s fresh 14-month low at 1.5760.
Fresh offers are noted at 1.5775/80 and around 1.5790 with stops emerging above 1.5800, however, more selling interest from various accounts is placed in the region of 1.5820-40.
On the downside, bids from profit-taking are touted at 1.5750-40 and around 1.5720 with buying interest from real accounts located further out at 1.5700.
This morning Cable tumbled on Wednesday after the BoE downgraded U.K. inflation forecasts significantly in its quarterly Inflation Report n dampened market’s hopes of rate hike in early 2015.
BoE said in the report that inflation rate in U.K. may fall below 1.0% at sometime within the next 6-months and growth prospects are also somewhat lower to 2.9% in 2015. The British pound fell sharply after the report, dropping fm intra-day high of 1.5940 to 1.5776 in NY afternoon n then further to a fresh 14-month trough at 1.5760 in Australia earlier this morning before stabilising.
Earlier, as cable remained under pressure with no U.K. eco. release are due, selling the pound on recovery is the way to go. buying interest from real accounts located at 1.5700.