The pair closed in NY Thursday at $1.6802 after rate managed to recover off an intraday low of $1.6766 to retest earlier session highs of $1.6806, extending the move to $1.6808 before it settled between $1.6790/1.6805 through the NY afternoon and into the close. Rate was contained within $1.6800/05 in opening Asian dealing before getting a lift to $1.6813. However, momentum quickly faded and rate settled between $1.6803/10 through the balance of the session. Euro-sterling again met decent resistance at the stg0.8246 level Thursday with rate able to ease off to stg0.82215 before closing back atstg0.8232. Rate consolidated this move between stg0.8227-0.82325 in Asia. Focus today on UK retail sales data at 0830GMT with hopes for a better than expected release seen after Thursday’s strong CBI data. Cable support remains in place at $1.6765/60 with those much reported stops below remaining in place. Further demand then seen at $1.6750/45 with model short entry interest to be sparked on a break below. Resistance $1.6820 ahead of area of recent highs between $1.6836-39, with the 2014 high close behind at $1.6842. Barrier at $1.6850 with stops above. Euro-sterling stops noted on break of stg0.8195
