This is from FXCM
December 11. Sterling has pushed its recovery envelope from its Asian session
11-day low of 1.9467 to a high of 1.9868 since the European open. The M&A news
that CSN has agreed a 515 pence per share pre-conditional offer for Corus (DJ)
is lending support to the pound.
Flagged offers at 1.9590 and 1.9650 represent appreciation obstacles/bull
targets north of 1.9568. Demand is noted ahead of 1.9460--a 38.2% Fibo
retracement point of the rally from 1.8836 to 1.9849 (Dec 1, 14-year high)
To recap Friday"s price action: GBP/USD fell to a low of 1.9535 after November"s
better-than-expected NFP number, before rallying to a high of 1.9729 on the back
of Eastern European, Middle Eastern and Asian Central Bank USD sales. Cable"s
subsequent slump to a low of 1.9515 was blamed on hedge fund buying of the
USD--with seven yards the cumulatively touted amount.
UK November producer prices, and the size of October"s UK trade deficit, will be
revealed at 09:30GMT.
December 11. Sterling has pushed its recovery envelope from its Asian session
11-day low of 1.9467 to a high of 1.9868 since the European open. The M&A news
that CSN has agreed a 515 pence per share pre-conditional offer for Corus (DJ)
is lending support to the pound.
Flagged offers at 1.9590 and 1.9650 represent appreciation obstacles/bull
targets north of 1.9568. Demand is noted ahead of 1.9460--a 38.2% Fibo
retracement point of the rally from 1.8836 to 1.9849 (Dec 1, 14-year high)
To recap Friday"s price action: GBP/USD fell to a low of 1.9535 after November"s
better-than-expected NFP number, before rallying to a high of 1.9729 on the back
of Eastern European, Middle Eastern and Asian Central Bank USD sales. Cable"s
subsequent slump to a low of 1.9515 was blamed on hedge fund buying of the
USD--with seven yards the cumulatively touted amount.
UK November producer prices, and the size of October"s UK trade deficit, will be
revealed at 09:30GMT.