GBP/USD softer on profit taking - Investec

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, suggests the recent offered tone in the sterling was due to profit taking.



Key Quotes



"Yesterday was a quiet day of trading with few waves being made due to both a lack of data and news headlines as we head into the holiday period. There was a small amount of profit taking as GBPUSD moved back towards the 1.71 figure, while the dollar made further gains versus the rest of the G7 after last week’s strong Non Farm Payroll figure sees some tentative dollar demand creep in".



"A story in the Financial Times this morning indicates the European Central Bank are under pressure to the rein in the ‘crazy’ euro, as Airbus’s chief executive said the ECB should intervene to push the value of the EUR down by 10% against the USD from an ‘excessive’ $1.35 to between $1.20 and $1.25."



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