Great Britain Pound: The Pound Sterling found some respite overnight with a weaker Greenback helping arrest the recent slide in the Cable. Investors shrugged off a mildly disappointing purchasing manager’s report for the U.K construction industry, instead pinning their hopes on an impending announcement of a new deficit reduction package out of Greece in the next 24 hours. Support at 1.4850 held in early London exchange with the subsequent bounce taking GBP/USD back towards 1.5 as it opens this morning at 1.4965 whilst the GBP/AUD cross rate continues to struggle exchanging around 1.6550 in early Asia.
- I expect a range today in the GBP/AUD rate of 1.6475 to 1.6625
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