The pair closed in NY at $1.5500 after the pound pared early European gains, the rate having seen an extended recovery $1.5548 before sinking back to $1.5484 in NY before recovering into the close. Cable came under further pressure into Asia with the release of a weaker UK GfK survey providing added weight as rate dipped under the NY low to $1.5476. Cable recovered through the Asian afternoon, edging on to $1.5497 ahead of Europe. Euro-sterling reflected this softening in sterling, the rate having recovered off early lows Monday at stg0.8406 to stg0.8458 in NY, with Asia keeping up the pressure through the overnight session though holding just below Monday’s high. Lending data at 0830GMT provides the morning’s domestic data interest with moves more likely to come from outside. Data from the Eurozone through the morning to influence euro-sterling. Cable demand seen placed into $1.5470, more toward $1.5450. Resistance $1.5500/10. Euro-sterling offers stg0.8460, a break to open a move toward stg0.8480/85. Main support remains toward stg0.8400.
EasyForexNews Research Team