Closed in NY at $1.5876, just off post FOMC Minutes react highs of $1.5882, the rate having seen lows earlier in the session around $1.5770. Cable touched an early low at $1.5872 into early Asia before fresh demand emerged to take rate on to extended highs of $1.5907 ($1.5908 61.8% $1.6303-1.5269), with offers to $1.5910 able to contain. Rate drifted off to $1.5891 before settling around $1.5900 into early Europe. Rate currently trades around $1.5893. A break of $1.5910 to open a move toward $1.5940/50. One tech trader highlights the 100-week moving average at $1.5918, not been above since May18 this year, a break and hold above for Friday’s close the next point of focus for further upside progress. Support seen back at $1.5850, stronger between $1.5810/00 with stops below. UK BBA lending data at 0830GMT and CBI distributive trades at 1000GMT the domestic data of interest, though markets in general trading off Eurozone headlines and US yields. Euro-sterling held below stg0.7900 through Asia in a stg0.7885/96 range, leaving cable to track euro-dollar direction.
EasyForexNews Research Team