The pair closed in NY Wednesday at $1.6780 after rate had corrected away from intraday highs of $1.6836 to an eventual low of $1.6763 (failing to trigger reported stops below $1.6760) after rate had been pressed lower following the release of BOE Minutes (debate on the slack in the economy and UK inflation), with further sell pressure seen at the London fix. Rate recovered through the US afternoon into the close. Strong demand for euro-sterling Tuesday also played its part in pressing cable lower, the rate extending its recovery off recent lows of stg0.8198 to stg0.8246, with rate consolidating this move between stg0.8231/36 in Asia. Cable marked lows at $1.6777 in opening Asian business before the recovery continued, the rate moving up to $1.6790 ($1.6791 38.2% $1.6836-1.6763) ahead of the European open. UK CBI reported sales data at 1000GMT the domestic data highlight today, though main focus seen on Friday’s retail sales. Cable offers $1.6790/1.6800, more between $1.6810/20 with a break here to turn focus on recent highs between $1.6836/39, with the 2014 high at $1.6842 lurking in the background. Barrier interest remains at $1.6850. Support $1.6765/60 with stops below.
