The pair closed in NY Thursday at $1.6199, just off its posted high of $1.6200 after rate had recovered through the day off an earlier Asian base of $1.6072. Move came as sterling continued to trade with a general buoyant tone making gains against the dollar but also in the crosses. Demand for cable rolled across into early Asia and allowed rate to touch a high of $1.6202 in opening trade before profit take selling emerged. Some suggestion that the early move took out barrier interest at the figure, the market taking advantage of the thin conditions before booking profit following the early pressured move. Rate eased to session lows of $1.6178 before fresh demand emerged to take rate back to retest the early highs. Rate again failed to build on the move above thefigure but was holding firm into Europe with rate trading around $1.6197. Cable offers seen between $1.6200/05, a break to open a move toward $1.6215/20 where next sell interest is reported in place. A break here to expose recent October highs between $1.6248-60. Support $1.6180 ($1.6178 Asia low/Nov20 high), stops $1.6170. Further demand noted between $1.6150/40 ahead of $1.6110/00. Euro-sterling extended lows to stg0.8317 in Asia.
