GBP/USD under pressure

Market news

6 June 2011

GBP/USD under pressure

GBP/USD retains a heavy tone, allows EUR/GBP to track euro recovery. Cross extends highs to stg0.8923, a bit lower Friday's highs at stg0.8924. Offers have been reported around stg0.8925 with stops below. For GBP/USD bids remain near $1.6400, with stops on a break of $1.6395.

EUR/USD gains ground on squeezing the euro-Swiss shorts. Stops mentioned above Chf1.2260. Rate trades around Chf1.2243, off recent highs at Chf1.2255.

FTSE -0.14% 5,847, CAC -0.46% 3,873, DAX 0.00% 7,109

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