UKs Osborne: Recent UK productivity is more encouraging

Chancellor of Exchequer speaks in NY

• Evidence BOE action on housing was successful.

Meanwhile, the GBPUSD is taking a day off in the NY trading session.

The pair has had a around a 25 pip trading range in the NY session. It has been up and down a number of times and has traded above the 100 hour MA for all of the day with the exception of one look below in the London morning session (see chart below).

I thought, the pair might have gotten a push higher with the EURGBP also lower earlier in the day, but instead the EURGBP moved higher, supporting the EURUSD and keeping the lid on the GBPUSD.