The pair closed in NY Wednesday at $1.6623 after rate had eventually triggered the reported stops below $1.6580, which took rate to extended lows of $1.6568, before it recovered to $1.6626 ahead of the close. Euro-sterling extended its recent recovery to stg0.8374, following its break and clear above resistance at stg0.8350, with trade through Asia consolidating this move between stg0.8358/69. Cable initially traded between $1.6617/27 in early Asia, easing off to mark overnight lows at $1.6607, following release of soft RICS house price data, before reversing higher, the rate moving up to $1.6630 before momentum was given a boost as euro-dollar broke above its resistance at $1.3915/25, taking this rate to an eventual high of $1.3949, which in turn drove cable through its recent resistance at $1.6650/55 and on to $1.6671 in lateAsia. Rate has retained most of its gains into Europe, with corrective pullbacks buoyed above $1.6660. Next resistance of note seen into $1.6680/85 ahead of $1.6700/10. Support now seen back at $1.6650. A light UK calendar with attention on US weekly claims and retail sales at 1330GMT
