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Sterling Spikes On Report Suggesting That BoE Could Extend Gilt Market Support

GBP

Sterling has turned bid across the board as the Financial Times reported that "the Bank of England has signalled privately to bankers that it could extend its emergency bond-buying programme past this Friday's deadline," contrary to yesterday's warning from the central bank's Governor.

  • Cable spiked to a session high of $1.1057 before paring gains and last deals at $1.1023, up 55 pips on the day. Topside focus falls on the Oct 5 bull trigger at $1.1495, while bears keep an eye on $1.0922, a Fibonacci retracement level.
  • EUR/GBP last seen -30 pips at GBP0.8820. Key support zone is provided by Oct 4 low of $0.8649, while bulls look for a rebound towards Sep 28 high of $0.9066.
  • GBP/JPY has added 1.13 fig. to last deal at Y161.11. Bulls look for gains towards Oct 5 high of Y165.72, while initial downside focus falls on Sep 28 low of Y152.57.
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