The pair closed in NY Wednesday at $1.7040 after rate had extended its corrective pullback to $1.7024 with recovery efforts failing around $1.7050. Rate consolidated through Asia with trade contained within a tight range of $1.7032/42. UK retail sales data at 0830GMT provides the domestic data focus, median June 0.3% m/m from May -0.5%. Eurozone flash PMI’s (France 0700GMT, Germany 0730GMT, EZ 0800GMT) released earlier expected to dictate direction in the euro, with effect on euro-sterling in turn to influence cable. Euro-sterling extended its recovery from Wednesday’s posted 23-mth lows of stg0.7874 to stg0.7911 in NY with trade in Asia contained within a range of stg0.78985-0.7903. Cable support remains at $1.7025/20 ahead of $1.7010/00.Resistance $1.7050/60 ($1.7051-60 38.2%-50% $1.7095-24) ahead of $1.7068-78(61.8%-76.4%). Key 21-dma today comes in at $1.7106 with a break and close abovethis level seen needed to put the recent bullish tone back on track. First reading of UK Q2 GDP Friday seen key as BOE Carney Wednesday again made comment that the next rate hike is data dependent
