The pair closed in NY Thursday at $1.5414 after rate recovered of a late NY low of $1.5405 with moves through the day seen driven by headlines linked to Greece. The late NY recovery continued into Asia, the rate edging on to $1.5434(61.8% $1.5452-05) before meeting resistance. Pullbacks were buoyed above $1.5420 with rate edging back toward $1.5430 into Europe. UK public borrowing and retail sales data provides the domestic interest this morning, though headlines ahead of this afternoon’s Eurogroup meeting will be on the radar. EZ flash PMI’s due this morning which could provide some effect via euro-sterling. The cross saw lows Thursday of stg0.73575, closing the day at stg0.7373(closing again above its 200MMA at stg0.7370, which will have more interest at the close of next week/end Feb). Trade through Asia was contained within a range of stg0.7365/73. Cable resistance remains at $1.5434, with a short term falling resistance line off recent highs of $1.5480 coming through at $1.5438. Above here and rate can edge back toward strong resistance area between $1.5460/65 and into $1.5480/85. Support remains in place into $1.5400.
