Rate falls back to start on follow-on selling; cross spreaders still pressuring EURO/GBP spread. Spillover from EURO likely but action still technical. Stops noted under 1.5100 and 1.5050 area; more likely under the 1.4980 area.

Rate recovers from lows in early New York to trade back above the 1.5000 area. Stops above the market likely now in the 1.5180 area or above as late traders place risk close-in. Bears took a stand above the 1.5250 area last week; likely they will be back again so look for two-way action near-term.

Rate makes highs into early New York; probes for stops over the 1.5000 and 1.5100 handle; inexplicable rally to the 1.5280 area finds more stops driving the thin market higher.

The USD reversed again after the London fix today as the majors made highs and then retreated as the end of the New York session drew closer; Cable and EURO both retreated over a big figure after posting highs near technical resistance. High prints in GBP at 1.5284 came around the London fix as a very large buy order hit the market into the fix; traders note that thin conditions likely exacerbated the move and the highs were sold by short-term accounts as well.