Pound-Dollar (GBPUSD) Pulls Back From Intraday Highs

Pound-Dollar (GBPUSD) extended to 1.8671 highs in early trade before turning lower as dollar shorts pared back positions. Market participants remarked on the thin trading conditions today, which have exacerbated price action. A leading U.S. house has been a good Cable seller in the leg lower, which sees the pair almost a big figure from its session highs. A heavier EURGBP tone initially limited the pace of the decline, with the cross moving back in to 0.7905 from early highs of 0.7933, but it looks as if broader dollar movement will dominate from here. Option strikes are noted at 1.8600 in Cable today.