The pair closed in NY Wednesday at $1.5319 after rate had edged off session lows of $1.5297. Rate dipped to $1.5310 in early Asian trade before fresh demand emerged which allowed rate to track euro-dollar’s recovery (euro-sterling was contained overnight between stg0.8492/0.8500), the rate pushing up to an overnight high of $1.5346 ($1.5347 50% $1.5397-1.5297 post US GDP react pullback) before momentum stalled and it eased off to $1.5333. UK final Q1 GDP (current 0.3%)reading will provide the main domestic focus in morning trade, with US weekly jobless claims at 1230GMT, along with PCE and personal income data providing early afternoon interest. Cable offers remain in place into $1.5350, a break to open a move toward $1.5370/80 ahead of $1.5395/00. Support $1.5310/1.5295 with stops remaining in place on a break of $1.5290. Further demand though seen close behind at $1.5280/70. Euro-sterling saw decent end month linked demand Wednesday, the usual European sovereign mentioned, though rate held below stg0.8500. However, rate retains a firm tone ahead into Europe. MS end month model sees demand emerging for cable at Friday’s fixings, though RBC suggesting this week’s S&P recovery could provide a counter
