Closed in NY Thursday at $1.5159, the rate having pulled back from best levels of $1.5222 to $1.5149, but it was noted that the rate attracted decent demand into the move lower which kept it buoyed. Part of this sterling demand was seen via euro-sterling, the euro losing general ground during the NY session, with the cross pressed to session lows of stg0.8602. The cross closed NY around stg0.8612, with trade through Asia contained within a tight stg0.8610/20 range, leaving cable to track euro-dollar’s recovery. Cable edged up from an opening low of $1.5154, stepping its way to an eventual high of $1.5186 ($1.5188 50% $1.5222-1.5153) ahead of the European open. Next resistance seen at $1.5195/05, with stops now seen through $1.5205/10, which if triggered to expose Thursday’s highs at $1.5222. Support remains in place around $1.5155/45, stops below $1.5140. UK manufacturing PMI due up at 0928GMT, ahead of money supply data at 0930GMT. First day of the new month and possible that euro-sterling month end demand could still be lurking.
EasyForexNews Research Team