Closed in NY at $1.6110 after the rate saw decent demand through Tuesday’s session that got it to an eventual high of $1.6122. Rate edged higher in early Asia, recovering to $1.6120 before momentum faded and it drifted off to $1.6108. Another rally to $1.6120 was again rebuffed with pullback this time extending overnight lows to $1.6105 before it settled back between $1.6110/15 ahead of Europe. The move up in cable has been seen on the coat tails of euro-dollar as euro-sterling extended its recovery to stg0.8077 Tuesday, consolidating this move in Asia between stg0.80675-0.80725. UK employment data due at 0930GMT will provide the domestic interest this morning, though this afternoon’s FOMC policy decision in the US is seen as the main general focus. Cable offers seen back in place around $1.6120, more between recent highs at $1.6127-31, with stops in place above $1.6135. Next resistance/offers then seen into $1.6150. Support remains into $1.6100, a break to allow for a deeper move toward $1.6080 ahead of $1.6050. The cross has sell interest between stg0.8075/85, a break to expose stg0.8100. Bids stg0.8045-30.
EasyForexNews Research Team