LONDON, May. 29 (MNI) - Sterling received a late morning boost on
reported M&A flows, allowing cable to extend its recovery off early lows
of $1.9674 to $1.9780, aided in part by the release of retail sales data
from the CBI.
Against the euro, the pound continued to make gains with traders
noting that yield is the main factor driving euro-sterling lower.
Sterling was holding just off best levels ahead of the New York open.
STERLING SUMMARY: Opened early Europe at $1.9738, stg0.7911
-- Cable opened Asia around $1.9790 and was pressured to an early high
of $1.9820, as the dollar came under early pressure, with move aided
by good sterling-yen demand. Reported hawkish comments from Fed's
Fisher prompted strong buying back into dollars, with cable easing
back to $1.9766 ahead of the European open. Euro-sterling opened Asia
at stg0.7901, after seeing NY lows of stg0.7881. Recovery extended to
stg0.7911 in early Asia before slipping back to stg0.7896. Sterling
came under pressure in late Asia/early Europe, with euro-sterling
edging back to highs while cable eased to $1.9740 ahead of Nationwide
house price data. Weak numbers saw rate drop to $1.9708, with added
pressure from euro-dollar slippage taking it down to $1.9674 before
it reversed. Recovery boosted in late morning trade, hitting $1.9780
after CBI data, before easing back to $1.9750. Euro-sterling broke
stg0.7880, retaining a heavy tone as it tracks euro-dollar.
-- Cable bids $1.9730/20, $1.9700/690. Offers $1.9780-00, $1.9820/30.
-- Euro-sterling bids stg0.7875/70, 0.7865/60. Offers stg0.7920.
reported M&A flows, allowing cable to extend its recovery off early lows
of $1.9674 to $1.9780, aided in part by the release of retail sales data
from the CBI.
Against the euro, the pound continued to make gains with traders
noting that yield is the main factor driving euro-sterling lower.
Sterling was holding just off best levels ahead of the New York open.
STERLING SUMMARY: Opened early Europe at $1.9738, stg0.7911
-- Cable opened Asia around $1.9790 and was pressured to an early high
of $1.9820, as the dollar came under early pressure, with move aided
by good sterling-yen demand. Reported hawkish comments from Fed's
Fisher prompted strong buying back into dollars, with cable easing
back to $1.9766 ahead of the European open. Euro-sterling opened Asia
at stg0.7901, after seeing NY lows of stg0.7881. Recovery extended to
stg0.7911 in early Asia before slipping back to stg0.7896. Sterling
came under pressure in late Asia/early Europe, with euro-sterling
edging back to highs while cable eased to $1.9740 ahead of Nationwide
house price data. Weak numbers saw rate drop to $1.9708, with added
pressure from euro-dollar slippage taking it down to $1.9674 before
it reversed. Recovery boosted in late morning trade, hitting $1.9780
after CBI data, before easing back to $1.9750. Euro-sterling broke
stg0.7880, retaining a heavy tone as it tracks euro-dollar.
-- Cable bids $1.9730/20, $1.9700/690. Offers $1.9780-00, $1.9820/30.
-- Euro-sterling bids stg0.7875/70, 0.7865/60. Offers stg0.7920.
Trading is 80% Emotional, 20% Technical
To ease some stress. Do your due diligence. Do your own analysis. Don't follow others blindly.
SHORTED again just now with SL 30pips which is above 50% Retracement of today High Low. Target... errrr... crazy... The Daily S3 
Depending on the PA later.
