Spot Forex: Latest Headlines
Posted 7/27/2010 8:38:00 AM [GBP/USD] has gone stop tripping on the break above the 200-day mov
ave at 1.5550/55. Clearly a key target for momentum types and bulls
alike, as Cable had not traded above there since Jan 29. Apart from the
under pressure housing sector, many UK releases are coming in fairly
robust, i.e. last week's 1.1% q/q Q2 GDP result and most recently today's
33 CBI retail sales balance. Diverging fundamentals (with the US) are
also an issue here and a prop, but it is worth noting that 1.5600 drew
fairly sustained selling pressure from retail accounts last time it was
visited in mid-Feb. The 1.5577 best is a five month peak and contacts
also talk of positive flows vs the Euro and Yen in this run too Copyright © 2010, Informa Global Markets
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