The pair closed in NY Thursday at $1.6717 after rate saw a sharp reversal off session lows of $1.6693 to $1.6741 during the European morning, settling between $1.6705/30 through NY with rate buoyed as euro-sterling, which had seen its recent recovery off May27 lows of stg0.8086 extend to stg0.8153 on reaction to the release of US GDP data (stronger rally seen in euro-dollar than cable), pressed lower through the balance of the day, closing NY at stg0.8137. Cable recovered through Asia, the rate moving up from an early posted low of $1.6715 to $1.6735 as the cross extended its corrective pullback to stg0.8129. Sterling was holding firm ahead of the European open. Cable resistance seen at $1.6730 (NY high) ahead of $1.6740/50. One bank Thursday in reports suggested they had picked up sell interest from $1.6740 through to $1.6770 ($1.6749 55-dma, $1.6769 50-dma). Support remains into $1.6690, a break to open a deeper move toward $1.6665/55. For euro-sterling, resistance stg0.8153 ahead ofstg0.8160/65. Support stg0.8127-20 (38.2%-50% stg0.8086-0.8153). Traders will again watch the 0700GMT (0800BST) fix, sterling sell interest has emerged at this time Tues/Weds/Thus and seen month end related.
