The pair closed in NY Wednesday at $1.7157 after rate had recovered off intraday lows of $1.7095 to $1.7161, the corrective rally aided by FOMC Minutes which produced no surprises and was thus seen as dovish. Cable consolidated this recovery in early Asian dealing, the rate touching an early low of $1.7153 before pushing on to extended highs of $1.7168 as markets reacted to strong Australian jobs data. However, release of weaker than forecast China trade data countered the positive tone and rate eased back to $1.7151 (23.6% $1.7095-1.7168) ahead of the European open. Offers in cable remain in place at $1.7170/80, a break to expose barrier interest at $1.7200. Support now seen into $1.7150, with further Fibonacci levels seen at $1.7140(38.2%), $1.7132(50%) and $1.7123(61.8%) ahead of $1.7112(76.4%). Euro-sterling saw extended recovery highs of stg0.79635 Wednesday, off recent lows of stg0.7915, with rate consolidating this move in Asia between stg0.79495-0.79565. Offers in the crossnoted between stg0.7970-80, support stg0.7950-40. UK trade data at 0830GMT provides early interest with the BOE MPC rate/QE decision at 1100GMT. No changewidely expected with more interest seen in the Minutes of this meeting
