Closed in NY Friday at $1.5868 off spike highs of $1.5895 following Fed Bernanke’s speech and was seen in consolidation mode. Cable opened in Asia at $1.5875 and ground lower in tandem with euro-dollar to print $1.5850, later recovering on dip demand to $1.5870 as traders reported of thin volumes. Offers seen at $1.5900, through here opens tech resistance at $1.5908/13 (61.8% retracement of May/June decline, 23 Aug high), ahead of strong offers at $1.5920. Support seen at $1.5850, ahead of $1.5820 (Trend-line support). Euro-sterling closed in NY Friday at stg0.7927 and sat heavy off earlier lows of stg0.7917. Asian trade was confined to a tight stg0.7920-0.7930 range with dealers on the sidelines due to the US holiday. Support seen at stg0.7916/12 (31 Aug low, 55 dma), ahead of stg0.7900. Reported offers at stg0.7955/60.
EasyForexNews Research Team