The pair had pulled back to $1.5350 ahead of the NY close, rising into Asia with this recovery extending to an eventual overnight high of $1.5377 before rate settled around $1.5370 ahead of the European open. Euro-sterling was contained through Asian trade within a range of stg0.8582-0.85905, continuing to meet decent demand ahead of stg0.8580. The dollar remains on the defensive, traders Monday noting that IMM positions were seen long dollars and expecting some paring back as the currency struggles to extend recent gains, with Monday’s numbers emphasising the US unit is very much data driven. Cable offers $1.5385, a break to expose sell interest between $1.5390/1.5410 ($1.5394 61.8% $1.5752-1.4814) ahead of $1.5420 (stops above), $1.5440/45 and $1.5460/70. Support $1.5350, a break below to expose stronger demand into $1.5300.
