[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.