Closed in NY Wednesday at $1.5161 after it had recovered through the earlier part of the session off Asian lows of $1.5080 to $1.5188, dropped back to $1.5120 before leveraged and bank name demand allowed it to correct higher into the close. This late recovery extended into early Asia, though the move up was seen less steep that the recovery in euro-dollar. However, cable traded to an overnight high of $1.5178 before it settled between $1.5160/70 ahead of Europe. Euro-sterling opened Asia around stg0.8661 before it edged to highs of stg0.8677, settling for the balance of the session between stg0.8665/75. End month demand for the cross expected to keep this pair buoyed, and in turn may place a counter against potential cable gains. Cross resistance seen into stg0.8680, more at stg0.8695/00 with stops above. Support stg0.8660, stronger between stg0.8630/20. A light data calendar for the UK today so outside influences to drive, with fixes to also be watched.
EasyForexNews Research Team