Rate follows GBP higher but still lower on the day despite new highs in New York at 1.3004 at writing; drop is less volatile and the rate holds tech support at 1.2850/60 area. Rally all day today suggests a short-squeeze is in the works.

Stops baked on the dip under 1.2880 again overnight; stops increasingly likely around 1.3030 area and layered above. Bulls are attempting to find a bottom. Bottom may be forming around the 1.2850 area as it has bounced three-times from there. 50 bar MA failed now likely to offer resistance and a close above suggests the bottom will be in.

It has been proved by a novel study that a Nintendo that carries a price tag of £100 is no better than a 10 paise pencil at stimulating the memory. After the latest study, the claim by Nintendo that the DS Lite boosts the brain has been disapproved.

It seemed that Tomas Berdych would derail Roger Federer's run at a record 14th Grand Slam title for two sets at the Australian Open.

However, just then, a meltdown was experienced by the 6-foot-5 (1.96-meter) Czech, thus giving a chance to Federer to recover for a 4-6, 6-7 (4-7), 6-4, 6-4, 6-2 win Sunday. This marked only his fourth career comeback from two sets down - to reach the quarter finals.

Until Novak Djokovic took a 5-0 lead, he was not pushed, who then had to work all the way for a 6-1, 7-6 (7-1), 6-7 (5-7), 6-2 victory over 2006 runner-up Marcos Baghdatis of Cyprus.

A detailed report has been demanded by Pakistan cricket authorities from Captain Shoaib Malik and Coach Intikhab Alam regarding their team's loss against Sri Lanka in the recent one-day series.

The biggest one day defeat was faced by Pakistan as the team was beaten by Sri Lanka by 234 runs in the third day-night international at Lahore on Saturday. Sri Lanka had a 2-1 win in the three-match series.

The first match was however won by Pakistan by eight wickets in Karachi before losing the second by 129 runs, also in Karachi.

Friday saw a meeting between Microsoft Corp. CEO Steve Ballmer and the company's executives, where Ballmer expressed that the U. S. economy likely will not bottom out until about a year from now, and it will return to a slow growth-track only after a few years

Furthermore, the chief executive of the world's largest software maker made an effort to rally troops at the company-wide meeting but stood by plans to lay off up to 5,000 employees, or about 5 percent of the workforce. The company which announced its biggest-ever job cuts a day earlier thinks the decision taken by it is fine.

Rate falls back to open Asia but rallies to trade better on the day after MPC Blanchflower comments fail to depress the rate; light stops seen on the move over the 1.3700 area as late shorts get squeezed. Aggressive bids seen and the rate recovers as New York trades. Two-way action continues suggesting that shorts are aggressively adding and longs are trying to find a bottom with shorts losing this morning.

Stops and aggressive selling drive the rate to a 23.0 year low last week. Short-squeeze delayed after first attempt to rally was sold back. Overnight economic news seen as neutral to bearish; rate trading on technical's now.