Closed in NY at $1.5176 after rate had been pressed to extended lows of $1.5143 before recovering to $1.5196 then drifted off into the close. Moves through Monday’s session were dictated by euro-dollar action though euro-sterling getting pressured to extended lows of stg0.8458 diverted some of the pressure from euro-dollar’s deeper slippage. The cross consolidated Monday’s easing between stg0.8470/80 in Asia allowing cable to track euro-dollar’s slow recovery, the rate edging up from an overnight low of $1.5166 to $1.5198 into the European open. UK data has CBI distributive trades at 1100GMT, though Cyprus fallout will continue to provide an overshadowing headline risk. Cable support seen at $1.5170 ahead of $1.5155/40 with stops below. Resistance $1.5200 ahead of $1.5220/25 and $1.5240/50.
EasyForexNews Research Team