The pair closed in NY Wednesday at $1.6791 after rate had extended its recovery off early session lows of $1.6738 to $1.6812 in NY (post London fix). This move in cable was aided by the earlier release of better than forecast UK jobs data (ignoring weaker wage data), with euro-sterling’s break below recent support base at stg0.8064 taking this rate to toward next support at stg0.8050, touching a low of stg0.8052, also added to the pound’s positive move. The cross closed the day back at stg0.8059. Cable picked up fresh demand in Asia which took it off early lows of $1.6786 to $1.6800. This recovery was led by euro-dollar as the cross edged up from stg0.8058 to stg0.8063 in Asia. A data light calendar for the UK today but focus on tonight’s UK ChancellorOsborne/BOE Carney annual address at London’s Mansion house. Cable resistance $1.6800 ahead of $1.6812-17, with offers seen placed into $1.6820, stops above. Stronger resistance remains at $1.6840/45, a break here seen needed to boost cable recovery. Support $1.6785/75 ahead of $1.6755/50 and $1.6738. Key support seen at $1.6700-690. Euro-sterling retains a bearish undertone, a break of stg0.8050 to expose stg0.8035/30 ahead of stg0.8000. Resistance stg0.8075/85.
