The pair closed in NY Thursday at $1.6080 after rate had extended its recovery off Wednesday’s lows of $1.5875/Thursday dip low of $1.5940 to $1.6095, with profit take sales into the close allowing for some drift off. This corrective pullback continued into early Asia as rate touched an early low of $1.6070 before it rallied up to $1.6110 where it met decent sell interest (recovery high off $1.6051 Oct13) before rate eased lower again, this time marking session lows at $1.6069. Recovery to $1.6090 but rate struggled to build momentum for another challenge on $1.6100/10 before it settled between $1.6070/80 ahead of the European open. Euro-sterling was seen as a maincomponent of cable’s recovery as rate extended its pullback off Wednesday’s high of stg0.80465 to stg0.7948 Thursday, with rate consolidating this correction between stg0.79525-0.79695 through Asia. A light domestic calendar for today with main focus on speaking events, the stand out one being Fed Yellen at 1230GMT. US housing data at 1230GMT and UofM at 1355GMT provide further interest into the afternoon. Cable offers between $1.6100/10 (above $1.6100 good fade area), with the 21-dma at $1.6163 seen key. Support $1.6069-59.
