The pair closed in NY Friday at $1.6330. The rate earlier pressed to $1.6316 after release of strong GDP data which showed the US economy had expanded faster than expected in Q3. Cable then tracked euro-dollar’s extended recovery and subsequent break of $1.3700 to print session highs of $1.6397, before easing on profit take sales. Fresh supply around the London fix and through the US afternoon added further weight into the close. Euro-sterling extended the recovery off Asian lows of stg0.8331 to close in NY Friday on a buoyant tone around stg0.8375. Under fresh selling pressure in early Asia cable found support ahead of $1.6320, before bouncing in tandem with euro-dollar. The recovery extended to $1.6360 but with lack of follow through eased to $1.6345/50throughout the afternoon. Tech support remains on the downside at $1.6318 (61.8% of $1.6214-1.6486), a break opens demand on approach to $1.6300. Euro-sterling opened near the top of a narrow stg0.8363-77 range, before grinding lower amid light flow. Minor demand seen at stg0.8350, bids behind at stg0.8330/20 with stops set on a break. With lack of market data to provide direction this week, tight range trade expected in thinned Christmas markets.
