Cable Continues to Lose Ground on Growth Fears.GBP/USD continues to lose ground in Asian trading on Wednesday, trading as low as 1.6415 with Tuesday's rally to fresh highs for the year at 1.6745 proving to be a mere aberration with sterling returning to the recent 1.6200-1.6600 trading range Trading Range The spread between the high and low prices traded during a period of time. Notes: When a stock breaks through or falls below its trading range after several days of trading in a range, it usually means there is momentum (positive or negative) building. , with sterling sold sharply lower after the worst GDP GDP (guanosine diphosphate): see guanine. data in 50 years. The UK newspapers for Wednesday are now full of gloomy outlooks for the UK noting warnings of a double dip Double dip Used for listed equity securities. Dividend roll in which the "dividend capturer" already owns the stock cum dividend. Also used when tax depreciation is accessed in two countries concurrently. in the UK economy and increased fears for a recovery. HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) boss Stephen Green warns that the financial and economic crisis is far from over, adding to the gloomy mood. The sharp rejection of the latest highs, risks a further pullback to 1.6200 in cable in coming sessions. Sellers are emerging as close as 1.6460/70 now on sterling with more offers tipped around 1.6500/10. 2009 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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