Closed in NY Thursday at $1.5234, after being driven off earlier lows of $1.5051 to a high of $1.5245 as rate tracked euro-dollar’s sharp bounce, with strong demand for sterling-yen (general strong sales of yen seen) aiding the recovery. Euro-sterling through Asia was contained within a range of stg0.8485/96 leaving cable to take direction from euro-dollar moves, though with most attention remaining on yen both pairs were left on the sidelines, cable being held overnight between $1.5215/43 as it consolidated Thursday’s move. BOE Spencer Dale due to speak at 0800GMT, followed by the release at 0830GMT of BOE Financial Policy committee Minutes, provides the morning’s domestic interest but this will be overshadowed by this afternoon’s release of key US jobs data at 1230GMT. Cable offers seen from $1.5245 and seen extending toward $1.5260 ($1.5259 Apr2 high), a break here to open a move toward $1.5280 (Mar25 high) ahead of $1.5300. Support seen from $1.5215 through to $1.5200. A break here to open a deeper move toward $1.5170. For euro-sterling, resistance back again into stg0.8500, a break to expose Thursday highs at stg0.8521. Support stg0.8485/80 ahead of stg0.8465/60.
EasyForexNews Research Team