The pair closed in NY Monday at $1.6579 after rate had recovered through the day from early Asian lows of $1.6471 to a NY session high of $1.6590 as market moved back into risk positions as the Central Bank of Turkey relieved pressure in this area by announcing an emergency meeting tonight (Tuesday 2200GMT). The move up in cable was also aided by positioning ahead of today’s release of UK Q4 GDP at 0930GMT, with most expecting a positive outcome (median forecast 0.70% Q/Q, 2.8% y/y). Cable eased off to $1.6571 in early Asia, with recovery efforts during the Asian morning capped around $1.6580. Sterling found stronger demand into the afternoon session as rate lifted on initially to $1.6585 before getting shoved up to $1.6618 in a move said to be again related to positive positioning ahead of the GDP data. Corrective pullbacks were buoyed above $1.6600 with rate edging back toward session highs into Europe. Resistance seen into $1.6620/25, with $1.6621 being a 76.4% retracement of the recent pullback from $1.6667 to $1.6471. A break here exposes the 200-month MA at$1.6636 ahead of recent highs at $1.6667 (Jan24). Support seen back at overnightlows of $1.6571
