GBP/USD tries to recover

Market news

12 May 2011

GBP/USD tries to recover

EUR/GBP breaks below stg0.8700 - the move that provides cable with some support. GBP/USD trades around $1.6283, off post UK IP react lows of $1.6256. The cross trades around stg0.8690, off its post data high of stg0.8728. Cable support now seen at $1.6268 (76.4% $1.6256/1.6306), a break to open a retest of earlier lows at $1.6256, and demand interest placed toward $1.6250.

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