GBP/USD – 1.5226.. Big swings were seen in the British pound y’day as although price tumbled again at European morning on renewed active cross-selling of sterling vs eur & yen, intra- day unwinding in eur/gbp lifted price fm 1.4977 n afterwards, cable rose steadily to 1.5208 in NY n rallied to 1.5260 after Fed kept rates unchanged. Order book is rather thin after y’day’s short-covering rally n Asian traders are reluctant to push price higher. We expect profit- taking fm st specs wud send cable below 1.5200 but suspect renewed buying interest wud emerge at 1.5180-70.
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