AceTraderFx Nov 5: Intra-Day Market Moving News and Views (GBP/USD)

Trading Discussion Currencies
8

[B]Intra-Day Market Moving News and Views
22 Dec 2014[/B] [I]09:31GMT[/I]

[B]GBP/USD [/B]- ..... Although the British pound traded with a firm bias in Asia and gained briefly to session high at 1.5665 at European open, cable pared its gains and retreated sharply to 1.5618 in European morning, due partly to cross-selling of sterling especially vs euro.

Offers are now seen at 1.5650/60 and more above at 1.5670/80 with stops building up above there whilst initial bids are noted at 1.5590/00.
Since there is no eco. data out from UK today, price is expected to trade in choppy fashion till NY open.

Bank of England's Weale says hearing of pay freezes much more rarely from UK businesses.

This morning the British pound move narrowly in subdued Asian trading as some traders have closed their books in this holiday-abbreviated week. Despite Friday’s rebound after intra-day retreat from 1.5682 to 1.5605 (NY low), anticipated renewed weakness in the eur/usd shud limit intra-day gain.
As no U.K. eco. data are due out today, cable is expected to track intra-day swings in the euro.
Order book was very thin on this Monday morning

9

Intra-day Market Moving News and Views

05 Jan 2015 09:35GMT
GBP/USD - … Although the British pound resumed its recent losing streak adn fell in tandem with euro to a fresh 16-month low at 1.5185 in Australia, price pared its losses and rallied to 1.5320 at Asian open on active-short covering.
Renewed buying emerged at 1.5273 ahead of European open and lifted the pair to 1.5320 again before retreating marginally due to the release of poor UK construction PMI data.

UK construction PMI came in much weaker-than-expected at 57.6 vs forecast of 59.0.

Offers are now seen at 1.5310/20 and more above at 1.5330/40 with stops building up above there whilst initial bids are noted at 1.5240/50, suggesting selling on recovery is still the favored strategy.

10

[B]Intra-Day Market Moving News and Views
09 Jan 2015[/B] [I]02:32GMT[/I]

[B]GBP/USD[/B] - … Despite initial retreat from NY high of 1.5118 to 1.5078 in Australia, cable rebounded to 1.5104 on dovish remarks by Minneapolis Fed President Narayana Kocherlakota, its was a surprise dlr fell broadly on his comments since he is not a voting member of the 2015 FOMC and has announced plans to resign by early next year.
As yesterday’s short-covering strong rebound from a 17-month bottom made in Europe at 1.5034 signals a temp. low is in place, range trading is expected in Asia.
Offers are tipped at 1.5100/10 with stops touted above 1.5130.
Initial bids are noted at 1.5080-70 and more below with stops reported below 1.5030.

[B]Friday[/B] will see the release of Australia retail sales, Japan leading indicator, Swiss unemployment rate, China CPI, PPI, Germany imports, exports, industrial output, trade balance, France exports, imports, industrial output, trade balance, Italy ISTAT Public Deficit/GDP, UK industrial output, manufacturing output, trade balance, NIESR GDP estimate, Canada building permits, unemployment rate, U.S. average earnings, non-farm payrolls, private payrolls, unemployment rate, wholesale inventories and wholesale sales.

11

[B]Intra-Day Market Moving News and Views
13 Jan 2015[/B] [I]01:29GMT[/I]

[B]GBP/USD[/B] - ...... Cable shrugged off early release of weak U.K. retails sales and rebounded in tandem with euro due to intra-day renewed weakness in the greenback in Asia.

Reuters reported U.K. retail spending growth slowed in December after consumers splashed out on November’s “Black Friday” bargains and prices continued to fall broadly, industry data showed on Tuesday.

The British Retail Consortium (BRC) said year-on-year retail spending was 1.0% higher this December than a year ago, the weakest December growth since 2008 and a sharp contrast with November’s 2.2% jump.

Falling prices also weighed on spending. Shop prices were down by an average of 1.7% in December compared with 2013, the BRC said last week. Broader official data due for release at 09:30GMT is forecast to show consumer price inflation at a 12-year low of 0.7%.

Taking lower prices into account, retail sales volumes rose an annual 2.6%, the same as in Dec 2013. Retail spending on the BRC’s like-for-like measure – which excludes new stores n more closely reflects how stores report sales to shareholders – were 0.4% down on the year.

Yesterday although the British pound fell from an intra-day high at 1.5195 to session low at 1.5099 in European morning on dlr’s broad-based strength, cable pared its losses n rebounded strongly in tandem with euro to 1.5174 in NY morning. However, price met renewed selling there n retreated to 1.5136, weighed down by cross-selling of sterling vs euro.

[B]Tuesday [/B]will see the release of Japan’s Current Account and Economic Watchers Poll, China’s Trade Balance, Exports and Imports, Italy’s Industrial Output, U.K.'s BRC Retail sales, CPI, PPI, RPI, U.S. Rebook and Federal Budget on Tuesday.

12

[B]Intra-Day Market Moving News and Views
21 Jan 2015[/B] [I]03:30GMT[/I]

[B]GBP/USD[/B] - ..... The pound pares yesterday's spectacular rally from Asian 1-week low of 1.5058 to as high as 1.5200 in NY morning. Some touted this move on possible M&A deal whilst some tied this to active buying of sterling vs yen & eur.

However, renewed weakness in eur/usd in NY session later triggered broad-based long liquidation in sterling and cable retreated to 1.5136 in Asia, suggesting choppy trading below said yesterday’s high would continue today.

Range trading this morning was expected ahead of release of MPC’s Jan minutes n U.K. jobs data at 09:30GMT.
Offers then were tipped at 1.5160/70 and more with stops above 1.5200. Initial bids are noted at 1.5140-30 and more at 1.5110-00.

With U.K. general election looming in May, Blooming reported lose-lose for business as U.K. election defies prediction.

Businesses faced with a general election in the U.K. are finding that the only thing certain about the vote is its unpredictability. 3-1/2 months before the ballot, polls agree that neither PM David Cameron’s Conservatives nor the Labour opposition are likely to win a majority. And the odds have already shortened on a rerun having to be held this year.

That makes companies’ forward planning increasingly difficult even as the U.K. economy gathers strength, inflation drops n interest rates look like staying at a record low. 16 of 36 economists surveyed by Bloomberg News identified political uncertainty as the biggest threat to Britain?s recovery, making it the second biggest risk after weak demand fm the euro area, which was cited by 18.

Both parties’ electoral agendas are also cause for concern. The U.K. Independence Party’s growing popularity has forced Cameron to harden his stance on Europe and to pledge a referendum on EU membership by 2017 if he is re-elected, pitting him – unusually for a Tory leader – against the majority of British businesses. Meanwhile, Labour leader Ed Miliband’s pledges to freeze energy prices and raise taxes have been greeted with unease.

The EY ITEM Club also cited possible shocks from the U.K. election as a risk that “should not be neglected” in its winter forecast, published this week.

Still, with polls consistently putting Labour n the Conservatives neck and neck, questions such as the likelihood of a referendum may not be resolved on May 7. A survey by YouGov Plc carried out on Jan. 18 n Jan. 19 found the Tories n Labour tied at 32 % of the vote – not enough for either party to get a majority in Parliament. The poll of 1,747 people also put UKIP support at 15 %, with the Liberal Democrats at 8 % n the Greens at 7 %.

[B]Wednesday[/B] will see the release of New Zealand’s CPI, Australia’s Westpac Consumer Confidence, Japan’s BoJ rate decision, Monetary Policy Statement, Leading Economic Index, BoE MPC vote outcome, U.K.'s Average Earnings, ILO unemployment rate, Claimant Count Unemployment Change, Canada’s Wholesale Trade, BoC’s rate decision, U.S. Housing Starts, Redbook and Building Permits.

13

[B]Intra-Day Market Moving News and Views
02 Feb 2015[/B] [I]09:36GMT[/I]

[B]GBP/USD[/B] - ...... Although the British pound opened slightly higher in NZ adn rose to session high at 1.5100, price pared its gains and continued to retreat throughout Asia.

Price briefly dropped to session low at 1.5030 in European morning, however, renewed buying there after the release of better-than-expected UK manufacturing PMI lifted the pair and cabled rebounded strongly to 1.5088.

UK manufacturing PMI came in at 53.0, higher than forecast of 52.7.

Bids are now seen at 1.5050/60 adn more below at 1.5030/40 with stops building up abv there whilst initial offers are noted at 1.5100/10, suggesting buying on dips is still favored.

This morning Cable opened higher in tandem with eur/usd in NZ and briefly touched intra-day high of 1.5100 (Reuters) after tripping light stops above Friday’s 1.5090 high but soon retreated and later eased to 1.5070 in Asia.

Range trading below said Monday’s high was expected until European open and as Friday’s strong rebound from 1.4989 (NY) suggests further volatile consolidation above Jan’s 17-month low at 1.4952 would continue, sideways move was expected.

14

[B]Intra-Day Market Moving News and Views
10 Feb 2015[/B] [I]09:00GMT[/I]

[B]GBP/USD[/B] - ..... Reuters news reported Britain should hold a referendum on its membership of the EU as soon as possible to reduce the damaging impact of uncertainty, the head of business group British Chambers of Commerce (BCC) said on Tuesday.

PM David Cameron has promised to renegotiate U.K.'s ties with the euro zone ahead of a referendum in 2017 if he is re-elected in May, but has said he would like to hold the membership vote sooner if possible.

The opposition Labour party, which is neck-and-neck with Cameron’s Conservatives in many polls ahead of May’s national election, only plans to hold a referendum if there is a significant transfer of powers from London to Brussels.
“Our members say that they actually want a referendum. There is obviously a debate around a referendum at the moment … that is creating uncertainty, so if we are going to have a referendum we ought to do it quickly,” John Longworth, Director General of the BCC told BBC radio. Longworth said if Labour was elected it would come under “huge pressure” to hold a referendum n that would create yet more uneasiness.
“We have to come to a conclusion on these things and move on … Uncertainty is bad for business,” he said.

In a speech to the BCC annual conference later, Longworth will say his members support staying in a reformed EU but warn of a situation where all decisions are made by, and for, the euro zone.
"Without true reform, business support for the European project is far fm guaranteed.

Earlier UK FinMin George Osborne says ‘danger of a miscalculation leading to very bad outcome between Greece n Eurozone is increasing.’

This morning Cable moves narrowly in quiet Asian trading after finding minor sup at 1.5200 just ahead of NY open Monday. Altough price staged a rebound in tandem with eur/usd, offers at 1.5245 capped intra-day bounce and price later traded inside a 1.5209-42 range for rest of NY session.

Yesterday’s weakness in sterling vs eur & yen in NY suggests intra-day downside bias remains for decline from Friday’s 1-month high at 1.5353 to resume once present sideways move is over, so selling cable on recovery is favoured.
At 09:30GMT, U.K. will release Dec industrial & manufacturing production.

15

[B]Intra-Day Market Moving News and Views
13 Feb 2015[/B] [I]06:29GMT[/I]

[B]GBP/USD [/B]- ...... Breaking news, Bank of England's Deputy Governor Jon Cunliffe says allegations around HSBC raise serious issues around HSBC's conduct;

-allegations around HSBC are certainly something which could be of relevance to us.
He says impact of oil prices should come out of UK inflation within a year or so - BBC radio.
-UK growth is robust, seeing signs UK has turned corner on productivity;
-euro area in stronger position now to deal with a Greek exit from eurozone, but would be big event;
-at the moment we are not seeing the conditions where we would reduce interest rates, do more QE.

This morning Cable trades steadily in subdued Asian morning after yesterday’s spectacular rally from 1.5209 in Europe to session high of 1.5415 (NY) after the BoE upgraded U.K. growth outlook n raised inflation expectation in its quarterly Inflation Report.
Sterling’s intra-day rally in hectic European trading triggered a series of buy stops above 1.5300, then 1.5360 and later above 1.5400.

Expect sideways move below Thursday’s 5-week high at 1.5415 to continue ahead of European open n with no U.K. data are due out, cable is likely to take cue from intra-day swings in the eur/usd.

16

[B]Intra-Day Market Moving News and Views
04 Mar 2015[/B] [I]07:44GMT[/I]

[B]GBP/USD[/B] - ..... Cable rebounds right at European open as a wave of broad-based buying in sterling lifted the pound. Although price briefly fell below yesterday's 1.5344 low to 1.5340, buying interest above last week's bottom at 1.5333 quickly pushed price higher.

Traders cited short-covering ahead of release of the very important U.K. February services PMI was the main factor behind the intra-day bounce.
As mentioned in previous update, street forecast is looking for a mildly upbeat reading of 57.5 vs previous fig. at 57.2, a stronger number should trigger further buying spree in the sterling.

For now, bids are noted at 1.5350-40 with fairly large stops below 1.5330 whilst offers are tipped at 1.5380/90 with stops above 1.5400.

Earlier the pound moves narrowly in subdued Asian trading on Wednesday following yesterday’s roller-coaster move. Despite staging a recovery to 1.5398 at Euroepan open, traders gave cable a bashing n knocked price to session lows of 1.5344 at NY open but only to bounce back to 1.5393 due to dlr’s renewed weakness, however, price pared intra-day gain and fell back to 1.5357 in Australia before stabilising.

Range trading above said yesterday’s 1.5344 low is envisaged until the release of the last but most important U.K. February services PMI (the index showed the dominant services sector which accounts for 75% of activity in the UK economy).
Street forecast is looking for 57.5 vs previous reading of 57.2, a stronger-than-expected number wud spark off brad-based short-covering in the pound.

17

[B]Intra-Day Market Moving News and Views
05 Mar 2015[/B] [I]09:04GMT[/I]

[B]GBP/USD[/B] - ...... Cable finally gains a bit of temporary respite in hectic European trading after weakening to a near 3-week low of 1.5225 ahead of European open.

Although st specs sold cable in Australia and knocked price from 1.5269, price remained under pressure in Asia and easily penetrated yesterday’s 1.5250 low, price later fell to 1.5225 after tripping some stops below 1.5225.

Looks like European traders are reluctant to test cable’s downside as MPC meets and even though the BoE policy announcement will be a non-event.
In the meantime, range trading above 1.5225 is expected with initial bids noted at 1.5235-25 with some stops (not large) below 1.5220.
Offers are tipped at 1.5265/75 and more above with stops above 1.5300.

British PM David Cameron on Thursday ruled out taking on opposition Labour party leader Ed Miliband in a head-to-head televised debate ahead of the May 7 national election.
While the Conservatives and Labour are neck and neck in the polls, Miliband has the most to gain from a head-to-head debate as his personal ratings are far lower than Cameron’s.
A letter from Cameron’s office said he would only take part in one debate and that it must include leaders from minor political parties, rejecting broadcasters’ proposals to hold several debates, including a one-on-one debate with Miliband.

“There should be one 90 minute debate between seven party leaders,” the letter said. It proposed including the anti-European Union party UKIP, Scottish n Welsh nationalists, the Green party and the junior coalition partner Liberal Democrats.

18

[B]Intra-Day Market Moving News and Views
30 Mar 2015[/B] [I]00:07GMT[/I]

[B]GBP/USD[/B] - .... Cable briefly rebounded to intra-day high of 1.4901 ahead of Asian open on Monday on news of ruling Conservative party has a 4- point lead ahead of the Labour party.

Reuters reported earlier British PM David Cameron’s Conservatives have taken a 4 point lead over the opposition Labour Party on the eve of the start of official campaigning for a May 7 national election, a poll showed late on Sunday.

The poll, by ComRes for ITV News and the Daily Mail newspaper, gave the Conservatives their largest lead in the polling series since September 2010.

It put them on 36%, up 1 point from last week, Labour on 32%, down 3 points, the Liberal Democrats on 9%, UKIP on 12%, n the Greens on 5%.

Underlining how volatile the election is, an earlier poll on Sunday showed Labour Party has taken a 4 point lead over Cameron’s Conservatives after the first TV encounter of the campaign.

[B]This week [/B]will see the release of New Zealand Westpac consumer survey, German Buba monthly report, U.S. existing home sales and eurozone consumer confidence flash [B]on Monday.[/B]

Australian CB leading index, China HSBC manufacturing PMI, German and eurozone Markit manufacturing and services PMI, U.K. CPI, PPI and RPI, U.K. DCLG house price, U.S. core CPI, Redbook, Markit manufacturing PMI and new home sales [B]on Tuesday.[/B]

New Zealand trade balance, Swiss UBS consumer indicator, German Ifo business climate, U.S. durable goods and SNB quarterly bulletin [B]on Wednesday. [/B]

German GfK consumer sentiment, U.K. retail sales and CBI distributive trades, U.S. jobless claims and Markit services PMI [B]on Thursday.[/B]

Japan’s household spending, CPI, unemployment rate and retail sales, U.K. Nationwide house price, Germany import price index, U.S. non-farm payrolls, unemployment rate, U.S. final GDP and University of Michigan consumer sentiment index [B]on Friday.[/B]

19

[B]Intra-Day Market Moving News and Views
31 Mar 2015[/B] [I]02:03GMT[/I]

[B]GBP/USD [/B]- ..... Cable showed muted reaction to release of upbeat U.K. consumer confidence (Gfk Mar index rose to a 12-year high) in Australia and the pound briefly slipped fm 1.4817 to 1.4787 in tandem with intra-day weakness in the euro in Asian morning.

Despite Monday’s strg rebound from a 1-week low of 1.4752 to 1.4843 in volatile NY session, anticipated weakness in the euro is likely to pressure the pound ahead of release of U.K. Q4 GDP & trade data.

Offers are noted at 1.4820/30 with stop above 1.4845, more stops are touted above 1.4870.
Minor bids are noted at 1.4780-60 with stops reported below 1.4750.

20

[B]Intra-Day Market Moving News and Views
02 Apr 2015 [/B] [I]02:44GMT[/I]

[B]GBP/USD[/B] - ...... Although cable fell in tandem with euro in Asia on Wednesday and then tumbled to a fresh 1-1/2 week trough at 1.4740 in European morning despite the release of upbeat Markit/CIPS Mfg PMI for March, intra-day rebound in eur/usd lifted price to 1.4847 in NY morning before moving sideways in NY afternoon session.

Yesterday’s rebound from 1.4740 suggests further choppy trading inside early broad range of 1.5166 (post-FOMC high)-1.4689 would continue ahead of Friday’s important U.S. non-farm payroll data and with mild upside bias and buying the pound on intra-day pullback is recommended today.
Having said that, investors shud pay attention to the release of U.K. Markit/CIPS construction PMI at 08:30GMT.
Market expects the reading to drop slightly to 59.5 from 60.1 in preceding month.

At the moment, bids from various accounts are noted at 1.4810-00, 1.4785/80 and then 1.4760-50 with stops emerging below 1.4740.
On the upside, offers are placed at 1.4860-70 and around 1.4890 with stops located just above 1.4900.

[B]Thursday[/B] will see the release of Australia’s trade balance, U.K. Markit constructions PMI, U.S. jobless claims, Canada’s import, export and trade balance, U.S. ISM New York index, durable goods and factory orders.

21

[B]Intra-Day Market Moving News and Views
08 Apr 2015[/B] [I]01:48GMT[/I]

[B]GBP/USD [/B]- ..... Cable showed muted reaction to release of downbeat U.K. data in Australia. Reuters reported Prices in British shops fell last month at the fastest rate since records began more than 8 years ago, pulled down by a sharp decline in food prices, the British Retail Consortium said on Wed.

The BRC said retail prices in March were 2.1% lower than a year earlier, marking the largest decline in shop prices since the series started in December 2006. Prices had fallen 1.7% in Feb.
Food prices declined 0.9%, the steepest drop on record, compared with a 0.4% fall the previous month.

The BRC said this boded well for the economy, with strong consumer confidence n falling prices likely to tempt Britons into spending on the high street. Consumer price inflation fell to zero in Feburary for the first time on record. Economists think it may have fallen below zero in March.

Yesterday although the British pound traded with a firm bias in Asia and gained to session high at 1.4920 at European open, price tumbled in tandem with euro to session low at 1.4830 in European morning. However, price pared its losses n rebounded to 1.4912 in NY morning before retreating again in NY afternoon to 1.4840.

[B]Data to be released on Wednesday: [/B]

Japan current account, BoJ rate decision, BoJ policy statement, France exports, imports, trade balance, Swiss CPI, EU retail sales and U.S. FOMC minutes.

22

[B]Intra-Day Market Moving News and Views
09 Apr 2015[/B] [I]08:20GMT [/I]

[B]GBP/USD[/B] - ...... Cable tumbled in European morning due to active cross-selling in sterling n price easily penetrated Tuesday's low at 1.4803 to 1.4769 after triggering stops which were located below 1.4800.

Although intra-day weakness suggests consolidation with downside bias would be seen in European morning, sharp move from here is not unlikely as short-covering should emerge ahead of BoE monetary policy decision at 11:00GMT (although market expect it will be non-event).

Offers from various accounts are noted at 1.4800-10, 1.4825/30 and then 1.4840-50 with stops emerging above 1.4870, whilst bids are placed at 1.4750-40 and then 1.4730-20 with stops located just below 1.4700.

The British house price growth rebounded in monthly terms during March but slowed further on an annual basis, according to a survey from mortgage lender Halifax on Thursday.
Halifax said house prices rose 0.4% in Mar from Feb, compared with a forecast for a rise of 0.2% in a Reuters poll. Prices had declined by 0.4% in Feb, a sharper fall than first estimated.
Prices in the 3 months to March were 8.1% higher than they were a year earlier, compared with an increase of 8.3% in the 3 months to Feb n below a peak of more than 10% in mid-2014.

23

[B]Intra-Day Market Moving News and Views
24 Apr 2015 [/B] [I]02:34GMT[/I]

[B]GBP/USD -[/B] ....... Cable rebounded strongly on Thursday after a brief drop to 1.4960 in Europe after U.K. retail sales missed estimates. Despite subsequent rally to session high of 1.5070 in NY afternoon, selling interest below Wednesday's 5-week peak at 1.5080 capped intra-day gain at 1.5070 n price subsequently retreated to 1.5042 at Asian open and then marginally lower to 1.5036.

Due to the absence of U.K. economic events on Friday, the British pound is likely to track euro’s intra-day move closely, however, near term ‘active’ unwinding in eur/gbp cross (eur/gbp rallied from 0.7111 to 0.7198 on Thur) should weigh on the demand on cable today.

At the moment, offers are tipped at 1.5060-70, 1.5080-90 n more around 1.5100 with mixture of offers n stops located at 1.5120-30, whilst bids from various accounts are placed at 1.5010-00 and then 1.4980-70 with stops emerging just below yesterday’s low at 1.4660.

Reuters reported earlier BoJ Governor Haruhiko Kuroda said that the country’s trend inflation is steadily improving due to a tightening output gap and rising inflation expectations.
Kuroda, speaking in parliament, said the output gap is estimated around zero and will continue to improve ahead, while anchoring inflation expectations near 2% is very important in achieving the central bank’s price stability goal.

[B]Friday[/B] will see the release of Germany’s Ifo business climate and U.S. durable goods.

24

[B]Intra-day Market Moving News and Views
27 Apr 2015[/B] [I]02:32GMT[/I]

[B]GBP/USD[/B] - ...... Although the British pound rallied to a fresh 6-week high of 1.5188 at Friday's NY close, price moved sideways in subdued Asian trading.

Although recent broad-based weakness in the greenback has pushed price sharply higher from its Apr’s fresh near 5-year trough at 1.4566 and buying the British pound on dips is recommended, profit should be taken on next up move as the uncertainty ahead of Britain’s May 7 election (see previous MMN updates) should cap upside below 1.5500 level this week. Major U.K. economic data for the pound is the release of preliminary Q1 GDP tom where forecast for annual 2.6% increase vs previous reading of 3.0%.

At the moment, bids are noted at 1.5160-50 and then 1.5130-20 with mixture of bids and stops located at 1.5100-1.5090.
On the upside, offers from profit-taking are located at 1.5190-00 and more at 1.5220-30 with real selling interest emerging just above 1.5250.

25

[B]Intra-day Market Moving News and Views
04 May 2015 [/B] [I]08:21GMT[/I]

[B]GBP/USD [/B]- ...... Cable tracked euro's intra-day move closely as despite staging a bounce to 1.5175 shortly after European open, renewed broad-based rebound in the greenback knocked price down to 1.5125. However, cross-buying in sterling vs euro ltd intra-day weakness there so far n cable recovered to 1.5153.

As mentioned in previous update, offers from various accounts are located at 1.5170-80 and more at 1.5195/00 and 1.5220-30 with mixture of offers and stops located at 1.5240-50.
On the downside, bids are placed at 1.5125/20 and then 1.5115/10 with demand from real money accounts reported at 1.5100 and further out at 1.5050.

26

[B]Intra-day Market Moving News and Views
08 May 2015 [/B] [I]07:04GMT[/I]

[B] GBP/USD [/B]- … Cable finally pares intra-day strong up move at European open after price spiked to 1.5448 in Australia from NY close of 1.5240 on what many put it as ‘relief rally’ after exit poll showed the ruling Conservative partly took a strong lead in the election. Despite minor knee-jerk price action in early Asian trading, the pound surged again above April’s 1.5498 peak to a 2-month top of 1.5523 near Asian midday before coming off on broad-based long liquidation in sterling.

Looks like 1.5523 should be high print for the day until the release of key U.S. payrolls data n the upcoming U.K. trade balance at 08:30GMT is likely to be ignored.

Offers are tipped at 1.5490/00 and more above, initial bids are noted at 1.5420/00 with stops below there, more bids are touted at 1.5380-70 with stops below 1.5350.
So trading cable on both sideways of the market ahead of said U.S. NFP data is the way to go.

27

[B]Intra-day Market Moving News and Views
11 May 2015[/B] [I]08:44GMT[/I]

[B]GBP/USD[/B] - ....... Cable moves in a volatile fashion in European morning as investors are reluctant to enter large position ahead of BoE monetary policy decision at 11:00GMT.

Despite edging higher from Asian low at 1.5405 in tandem with euro to 1.5335 at European open, cross-selling in sterling knocked price down to 1.5393 before staging another bounce to 1.5431.

At present, offers are touted at 1.5450-60 and around 1.5480 with a mixture of offers and stops at 1.5490-00.
On the downside, bids are reported at 1.5390/85 and then 1.5375/70 with stops building up below 1.5355 (reaction low from Fri’s fresh 2-month peak at 1.5523).