The pair closed in NY Thursday at $1.6353 after rate had managed to recover off a session low of $1.6322 to $1.6464 before drifting off into the close. Rate initially dipped to $1.6345 in opening Asian trade, recovered to mark overnight highs at $1.658 before it continued to ease lower, the rate touching a low of $1.6324 before it managed to recover to $1.6343. Another sharp dip to $1.6329 was seen in late Asian trade before rate again edged its way back to $1.6340 into early Europe. However, this rise quickly became the target of fresh selling, with rate shoved down to fresh lows of $1.6317, with rate holding heavy at writing. UK retail sales at 0930GMT in focus with recent poor datareleases prompting some to adjust any long positions out there. However, sterling pullbacks finding some demand interest as traders try to analyze the possible effects of the Vodafone-Verizon deal, to be completed Feb21 ans payment set for Mar4. Tech traders still see room for a pullback to the $1.6250/25 area. Traders noted demand into $1.6300, a break to open a deeper move toward $1.6280 ahead of $1.6260. Large stops were noted below this level Thursday. Resistance remains at $1.6355/65.
