Trades around $1.5583, off earlier highs at $1.5593, with the cross holding just off its recently posted intraday lows of stg0.83345, as we approach release of UK CIPS mfg data at 0928GMT. Earlier reports have suggested that forecasts see release as broadly stable with outlook seen close to last month’s release of 47.6. Stops in cable have been reported through $1.5590/95, a break to expose next band of reported sell interest placed between $1.5600/10 with more stops above. A break here opens potential toward $1.5650. Support noted on approach to $1.5550 with a US name a noted buyer in this area.
EasyForexNews Research Team