12::55 GMT - The USD's traded sideways for the London session but stillretains the steep am. fall from 101.70~/ Thur's pivot; 101.45 resistance caps and keeps us facing lower s/t; the 101.40-70 range is open for a fill-in trade higher IF the USD picks uplater. Decline off the 102.00 pivot looks headed for 101~/ the YTD
13::35GMT - Earlier recovery failed just ahead of the 0.8940/45 res. and prices have come under pressure again. Despite the recent action, we think the 0.8906 recent low may hold awhile longer. In due course, though, we should see a break with next target at 0.8895. Initial res. is at 0.8938/45.N.I.
13::35 GMT - Slow trade back into this pm. extends the week's decline; GBP edging fresh lows now but still (just) holding above 172.50/ the mid-Jun separation (which remains bullish positioning.)