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USDCAD TECHS

Watching The 50-Day EMA

AUDUSD TECHS

Bearish Focus

MONTH-END EXTENSIONS

Updated Barclays/Bbg Extension Estimates for US

US TSYS

Late Session Selling

GBP/USD: Asia open $1.3391, Asia...>

STERLING SUMMARY
STERLING SUMMARY: GBP/USD: Asia open $1.3391, Asia range $1.3391 - $1.3422,
Europe range $1.3432 - $1.3457.
* Following the lead of EUR/USD, cable made gains throughout the Asia session on
the back of rebalancing and hedging requirements that put the dollar out of
favour.
* The bidtone continued throughout the European morning with a weaker BBA
mortgage approvals number only briefly capping GBP/USD.
* With cable close to a multi-week high, $1.3492 is now in sight, which marks
the 76.4% retracement of the $1.3550 - 1.3300 move. Should $1.35 be topped, the
Dec8 high lies at $1.3521.
* $1.3500 holds optional expiry interest to the value of Gbp825mn for today's NY
cut.
* Calendar for the rest of the session is quiet, US trade balance, weekly
jobless claims and the MNI Chicago PMI are all due this afternoon.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com