The pair closed in NY Tuesday at $1.6403 after rate recovered from a NY session low of $1.6374 to $1.6438 before it drifted off into the close. This late corrective pullback continued into Asia with the clear back under $1.6400 providing the added momentum to take it to session lows of $1.6377 before bouncing back toward $1.6400. where it met resistance ahead of Asian lunch. Into the afternoon and cable gained a stronger round of demand which lifted it above the figure and taking it on to a late session high of $1.6420. Pullbacks into Europe have been buoyed above $1.6400, the rate currently trading around $1.6412 at writing. Euro-sterling was confined to a stg0.83025-0.83165range through Asia. Halifax house price data due at 0800GMT with BOE Credit Conditions Survey at 0930GMT to provide domestic interest this morning. US ADP at 1315GMT the afternoon interest, ahead of Friday’s US NFP, with FOMC Minutes (Dec17-18 meeting) at 1900GMT overshadowing. ECB rate announcement and pressconference Thursday moving into view ahead of Friday’s key US jobs data. Cable offers seen from $1.6438 and extend toward $1.6450. Support $1.6375/70 ahead of $1.6350 and recent pullback low at $1.6337.
