The pair closed in NY Tuesday at $1.6755 after it had been pressured lower, the rate trading to $1.6743 as it tracked euro-dollar slippage, with euro-sterling, having diverted some of the pressure until it again met decent support at post ECB lows at stg0.8064, closed the day back above stg0.8080. Cable came under fresh pressure in Asia, the rate again taking its lead from euro-dollar, as it marked extended lows of $1.6738 before it managed to recover through the Asian afternoon to $1.6757. Euro-sterling was contained within a range of stg0.8075/85. Both cable and euro-sterling seen in adowntrend, the former taking its lead from euro-dollar though euro-sterling has provided some buoyancy in the move lower, an eventual break of stg0.8064 expected to open a deeper move toward stg0.8000 (stg0.8050 barrier to contend with in front of this). Cable support seen between $1.6730-20 ($1.6723 Jun5 low), a break to open a deeper move toward $1.6700/1.6690. Resistance remains into $1.6760 ahead of $1.6780/85 and $1.6800. UK jobs data at 0830GMT provides the domestic data interest this morning, with most expecting further improvement (median claims -25k; rate 6.7%).
