Rate two-way and likely tracking GBP a bit; follows GBP higher but lots of stops and active buying seen. Light pressure intraday easily absorbed despite fear of pullback. New weekly high yesterday below major resistance and rate is inside range so far today suggests a point of indecision. Likely support will hold at the 1.4330 area. Some upside drawn from Cable no doubt.

Rate two-way overnight, remains near opening range into the close. Some selling pressure seen but rate is likely to press for highs on more bad news. Resistance is cleared the other side of the 1.8500 handle so expect a pullback to be bought hard.

The USD is slightly better today as traders continue to digest the effects and solutions to the recent financial crisis affecting global trade. Debate is raging on Capitol Hill regarding exactly how to implement the fiscal bailout plan proposed by the US treasury and the Federal Reserve.

Rate launches off the lows and never looks back; follows GBP higher but lots of stops and active buying seen. Makes a new weekly high; resistance is cleared so any dip is a buy opportunity. Likely support will hold at the 1.4330 area. Some upside drawn from Cable no doubt.

Rate rallies all day, resistance is cleared the other side of the 1.8500 handle so expect a pullback to be bought hard. Aggressive traders can buy the next dip. Equities pullback vote of "no confidence" so far on the bailout.

Possible sovereign interest on the rally as semi-officials seen on dips in both EURO and GBP this morning; some stops triggered along with active buying. In my view, the GBP has weathered the storm fairly well and it suggests no serious down move near-term. Traders note stops mixed with offers above the market also.

The USD bulls got their horns sawed off today as the Greenback is set to have its worst one-day loss since 2001; traders note that ongoing uncertainty with the US bailout of the banking sector, weaker equities in response to the crisis and soaring Crude Oil prices combined to give the USD a knock-out punch today.