The pair closed in NY Thursday at $1.5268 after rate had performed a decent recovery off intraday lows of $1.5197 to a NY high of $1.5322, pulling back to $1.5258 before a slight recovery into the close. Early demand into Asia extended the recovery to $1.5282, settling during the early part of thr session between $1.5275/80 before getting pressed lower on reaction to the heavy sell off in the Aussie and Kiwi. Rate sold off to $1.5236 before meeting support, settling around $1.5250 into Europe. Euro-sterling seen as the main driver in cable moves, the rate having broken under support at stg0.8435/25 Thursday to a low of stg0.8421, with trade in Asia consolidating this move between stg0.8433/40. Traders now focus on the stg0.8400/0.8390 support area, a break here could potentially open a deeper move toward stg0.8300. A very light UK domestic calendar with BOE MPC member Martin Weale due to speak at 0930GMT (Birmingham). Cable support seen into $1.5225/20, a break to open a deeper move toward $1.5200/1.5190 with stops below. Resistance $1.5280, $1.5300 and $1.5320/25.
