Spot Forex: Latest Headlines
Posted 7/28/2010 3:28:00 AM [GBP/USD] finally trips its perceived pivotal 1.5635/40 fibo (50% of
1.7044/1.4228) to hit a new five month high of 1.5656. Key now will be
whether there is much follow through after the break and whether models
join in the move. Cable is already up the best part of half a cent in
Europe so far despite yet more signs of a slowing UK housing market (Jul
Nationwide HPI -0.5% m/m and 6.6% y/y), but other areas of the economy are
showing fair resilience at present. The BOE did not sound overly
pessimistic on H2 yest either, but in truth the latest move is a stop
tripping run or in part Dollar aversion/risk on inspired flows. Some
bulls are calling 1.6000, but we expect offers to come back 1.5680/00 for
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