GBP/USD under pressure

Market news

13 May 2011

GBP/USD under pressure

Sinks back toward overnight lows at $1.6240. Demand seen between $1.6240/35 (Asia/NY lows), with talk of system stops placed on break, but decent demand said to be sitting behind this area, ahead of the bids between $1.6230/20. while $1.6220/10 should hold on first attempt.

EUROPEAN COMMISSION: Raises 2011 emu hicp fcast to +2.6% from +1.8%

CitiFXTechs have gone long euro-yen at Y115.05, looking for a move to Y117.00, placing stops at Y114.45.

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