The pair closed in NY Wednesday at $1.7137 after rate had seen lows of $1.7113 on reaction to the earnings component of the UK jobs report, brushing aside another positive drop in unemployment. Rate recovered into NY, with the dollar losing ground as the second part of Fed Yellen’s Testimony proved less exciting than the initial instalment, the rate recovering to $1.7146 ahead of the London fix, dropped to $1.7125 post fix before edging higher into the close. Euro-sterling provided the main interest with rate able to track general euro slippage, the rate breaking under stg0.7900 to extend lows tostg0.78905. Asian dealing consolidated this move with business overnight contained within a range of stg0.7891-0.78965. Bids in the cross remain at stg0.7890, with stronger interest noted at stg0.7874 (E1.2700; 1.618% swing of stg0.7915-81). Cable support remains at $1.7110/1.7090, resistance $1.7150/55 ahead of $1.7165/75 and recently posted 68-mth high at $1.7192 ahead of barrier interest at $1.7200. No major releases in the UK for the balance of the week so any moves to come from outside influence.
