Cable ground lower in the US afternoon and as stocks wilted the pair made a show under $1.6000 to $1.5998, before finding support to close around $1.6010. The slippage in cable allowed euro-sterling to consolidate recent gains and close around stg0.8156. Cable lifted with euro-dollar to $1.6024 as risk sentiment increased in early Asia, before profit take supply pared gains. The pair continued in a tight 10 pip range and will look to hold above $1.6000 into Europe. On the downside bids seen at $1.6000 and $1.5990, ahead of tech support at $1.5984/77 (55 dma, 9 & 10 Oct lows). Offers reported at $1.6030, ahead of $1.6045 (5 dma). Cross demand led the charge in early Asia and euro-sterling printed highs of stg0.81609, before meeting resistance and easing back in tandem with euro-dollar to hold above stg0.8150. Strong offers reported at stg0.8180 on the topside, more seen ahead of the stg0.8200 barrier.
EasyForexNews Research Team