The pair closed Monday’s US holiday thinned session at $1.6430 after recovery efforts during the day, from early Asian lows of $1.6396, had faltered around $1.6452. Rate pulled back to $1.6417 (61.8% $1.6396-1.6452) in late trade before recovering to $1.6438, then drifted off into the close. This corrective pullback continued into early Asia as rate eased to $1.6414 before fresh demand emerged to take advantage of the dip, the buying able to lift rate back to $1.6433. Rate eased to $1.6423 into the Asian afternoon before pushing on to $1.6435. Rate was trading around $1.6429 into early Europe. Euro-sterling consolidated between stg0.8243/54 after Monday’s recovery off lows of stg0.82335 faltered at stg0.8264. CBI trends data at 1100GMT provides the domestic interest today, though most expect continued range trading until the US markets return from their long weekend. Cable support seen at $1.6400/1.6395, stronger between into $1.6370. Resistance $1.6450/60.
