Closed in NY Tuesday at $1.6115, the rate recovered from a pullback low of $1.6092 after earlier posting highs of $1.6132. Cable spiked after the New York close to $1.6135 on news that Moody’s was maintaining the Spanish rating, although assigning a negative outlook. Profit take sales eased off highs and the rate consolidated above $1.6100 in thin trade as tight range trade took hold of markets. The rate settled around $1.6124 ahead of Europe with resistance seen from the 21 dma/Asian high at $1.6132/35, through here opens techs at $1.6143 (50% of $1.6309-1.5977), ahead of strong offers at $1.6150 with stops set. Euro-sterling closed on a bid tone in NY at stg0.8100, just off earlier intraday highs. The cross lifted in early Asia to stg0.8126 on the earlier mentioned Spanish news and extended gains to stg0.8137. Traders note a break of the 200dma on the move seen pivotal (last break Oct 11), the pair later eased to stg0.8120 on profit take sales.
EasyForexNews Research Team