The share price of BP got savaged overnight after the US government went on the attack, forewarning the big British oil company that it will be up for some heavy costs, fines and penalties. BP management have not taken a backward step but have said they will fight their corner. (That sound in the background is a few thousand lawyers rubbing their hands in glee).
I would have expected the GBP/USD to weaken somewhat on this news but it hasn’t done so yet. Also keep in mind that there has been talk of big bids in EUR/GBP at .8150/75 area.
