Bears in control as GBPUSD hits 11-month......>

FOREX: Bears in control as GBPUSD hits 11-month lows of $1.2854

- GBP remained defensive at the NY crossover pressuring GBPUSD to fresh 11-month

lows of $1.2854. Recovery efforts hold shallow with bears now looking toward

trendline support at $1.2846. EURGBP breached Gbp0.9000, accelerated the move to

Gbp0.9017 before stalling ahead of ascending channel resistance.

- USDCAD continued its bullish reversal pattern following yesterday's strong

rebound from the 100-dma. FT reports that Saudi Arabia are said to sell of their

Canadian assets further pressured the loonie to C$1.3120, before staging an

impressive recovery to C$1.3007.

- JPY outperformed with gains of 0.41% against the USD to comfortably hold below

Y111.00. Focus turns to the 55-dma at Y110.85 for confirmation of the downtrend.

- Kiwi enjoyed a buoyant Asia session after the RBNZ 2-yr metric inflation was

revised higher, only to reverse those gains through Europe/NY. Rate touched

pullback lows of $0.6723, before the softer USD recovered to the $0.6755 area.

- AUD caught a fresh bid tone, pared Euro/NY losses to hold $0.7440 and restore

the bullish picture.