Closed in NY Wednesday at $1.5100 after rate had experienced some big swings through the European and NY sessions. Rate had been pressed to lows of $1.5027 ahead of BOE Minutes only to spike back to $1.5159 as detail was seen hawkish. Rate then dropped to $1.5042 on the opening Budget comments but quickly recovered to $1.5186 as Osborne too was seen supportive, the rate then drifting off into the close. The corrective pullback extended to $1.5090 in early Asia before it tracked euro-dollar’s recovery to $1.5129, settling between $1.5110/20 into Europe. Euro-sterling was contained between stg0.8560/70, the rate having been whipped between stg0.8505-0.8602 Wednesday. Cyprus still overhangs the markets but domestic interest will be pointed toward 0930GMT release of UK retail sales data, along with public finance figures. CBI trends follow at 1100GMT. Suggestions are that retail sales will show a better performance in February versus January’s poor data. Cable resistance remains between $1.5180/1.5200, with further resistance noted between $1.5220/35. Support $1.5100-1.5090 ($1.5088 61.8% $1.5027-1.5186), a break exposes $1.5065 (76.4%). Below here and Wednesday lows at $1.5042 and $1.5027 move into view.
EasyForexNews Research Team