Spot Forex: Latest Headlines
Posted 7/29/2010 8:08:00 AM [GBP/USD] is a relative laggard in Europe even though that fibo at
1.5635/40 has been breached to a new five month best of 1.5656. A large
Asian account has been a seller above 1.5650, we are told. UK data though
showing signs of resilience is showing occasional weakness and today there
was more bad housing data in the form of the Jul Nationwide HPI and latest
mortgage approvals data. Conversely, EU data is going from strength to
strength, the better economic numbers continuing to take many by surprise.
Eur/Gbp, as a result, has been squeezed after many specs had been
positioned for the sub-0.8300/20 break. Expect that cross to continue to
outperform, but Cable will continue to be driven by the movement of the
broader Dollar. Expect offers to emerge 1.5680/00 Copyright © 2010, Informa Global Markets
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