GBP/USD is essentially flat for the second day after a sharp retreat from the two-year high. Despite a soft UK services PMI on Monday and a good performance from the USD today, the pound has held its ground. That’s a good sign.
Cable bids are at the intraday low of 1.6374 followed by 1.6350 and Monday’s low of 1.6337. More bids are at 1.6300 with stops below 1.6290.
Offers are at 1.6440/50 at 1.6471 and 1.6500, up to 1.6510. Larger offers down hit until 1.6545/50 and the January 2 cycle high at 1.6605.
