GBP/USD Market Moving News by AceTrader

GBP/USD – 1.5092.. Contrary to what u had read, cable’s rally to 1.5131 y’day was not due to the sharp rise to over 3-year high in U.K. PMI service data (price briefly jumped to 1.5068 n then fell back to 1.5013) but similar to euro, a case of heavy short-covering as the 2-day rise of 350 points fm Monday’s 1.4781 proved too much for sterling bears to bear. Short-covering continues to be the theme today with bids seen at 1.5080-1.5050 n more stops are reported fm 1.5130-1.5150.