The GBP USD continued to trade inside of the September 30 outside range day at 1.5922 to 1.5668. This pattern has temporarily frozen the trade as traders await the latest monetary policy statement from the Bank of England on October 7. A pair of Gann angles is also forming a triangle between 1.5895 and 1.5676. This formation is also helping to confine trading activity.

The Dollar rose against the Euro late in the trading session after the release of the Fed’s Beige Book. The business survey showed subdued U.S. economic growth which led speculators to believe the Fed won’t be raising interest rates soon despite what investors had earlier interpreted from Chairman Bernanke’s comments.

U.S. equity futures weakened after an early session surge but managed to eke out a small gain. Overnight strength was fueled by greater demand for higher yielding assets while the early morning rally was triggered following the release of a report showing a rise in consumer confidence. Thin trading conditions and the lack of buyers were the driving forces behind this afternoon’s weakness.

Shortly after the release of the U.S. Employment Report, the December E-mini S&P 500 rallied to a new high for the year at 1119.00 just short of a major 50% level at 1122.00. The subsequent break from 1119.00 found support at a short-term retracement zone at 1098.50 to 1093.50.