Closed in NY at $1.6000 after rate had trailed euro-dollar’s deeper decline to $1.5975 (61.8% $1.5826-1.6217), the move lower provided some buoyancy by euro-sterling extending its corrective pullback away from stg0.80995 to stg0.8042, closing below a key tech level at stg0.8058. Cable posted an early high into Asian trade at $1.6003 before again trailing euro-dollar lower, the rate meeting support ahead of its NY low at $1.5976. The reluctant move lower allowed the cross to extend its pullback to stg0.80335, though was holding back at stg0.8040 into Europe. Cable recovered off lows, trading around $1.5994 into Europe. No UK data on today’s calendar so moves to come from outside influence.Cable support remains in place at $1.5975, a break to allow for a deeper move toward $1.5950 ahead of $1.5920 ($1.5918 76.4%). Resistance $1.6000/10 with stops above, a break to allow for a move toward $1.6025/30 with stronger interest noted between $1.6045/55.
EasyForexNews Research Team