The pair closed in NY Friday at $1.6747, just off its late session highs of $1.6757, as rate extended its recovery through the week from a low last Monday of $1.6383. Sterling continued to benefit from BOE Carney comments on UK growth in the QIR, as well as expectations for large a sterling redemption from the proceeds of the Verizon-Vodafone deal (talk part of this order to be covered from Feb20 for value Feb24). Cable picked up early demand into Asian trade Monday with pre market demand lifting the rate from $1.6743 on to $1.6775. Rate eased to $1.6747 at the official open but buyers quicklyemerged to take advantage of the dip. A North European was a reported stand outbuyer as rate moved above $1.6800, with large stops triggered through $1.6805/15which took rate on to a high of $1.6823 ($1.6826 1.382% swing proj $1.6667-1.6252). As upside momentum faded the rate drifted lower, finding support around $1.6785 (50% $1.6747-1.6823). Euro-sterling also reflected sterling strength as it moved through recent lows of stg0.8168 (Jan22), making a show just under technical support at stg0.8160 (61.8% stg0.7755-0.8815) at stg0.8157. Bids seen placed toward stg0.8150 barrier interest.
