October 24, 2012
Tough day at work for the pound! GBP/USD ended the day in the red as it closed at 1.5951, 58 pips down from its 1.6009 open price, while GBP/JPY dipped 5 pips below the 127.00 handle before closing at 127.33. Will today be any better for the pound?
The U.K. didn't release any economic reports yesterday, leaving risk sentiment as the primary driver of price action for the pound pairs. Unfortunately for GBP/USD and GBP/JPY, risk was off yesterday as U.S. equities slid down with the S&P 500 index slipping by 1.4%.
Up ahead, only the CBI industrial orders report is set for release from the U.K. at 11:00 am GMT. The figure for October is slated to climb from -8 to -6, which would still reflect decreasing order volumes but at a slower pace. Bear in mind that a weaker than expected reading could trigger another pound selloff so y'all better stay on your toes during the actual release!
"The only cable I watch is the pound baby."