Sterling pared losses against the dollar as cable recovered to highs of $1.5880, the rate later ground lower through the US afternoon to close at $1.5860 and hold above the 100-day ma. Euro-sterling remained buoyed by strength in the crosses and consolidated gains to close at stg0.8055. The Asian session was quiet across the board and cable traded a very tight $1.5857-68 range. The 100-day ma provides resistance on the topside at $1.5879, a break opens strong offers at $1.5900, ahead of $1.5912/16 (38.2% of $1.5269-1.6309, 13 Nov high). Support from the 200-day ma at $1.5852, ahead of bids at $1.5830/25 ($1.5828 – 15 Nov low). Euro-sterling held above stg0.8050, with stops noted on a break of stg0.8065, ahead of strong offers at stg0.8080 (200-day ma).
EasyForexNews Research Team