The pair closed in NY Thursday at $1.5967 after rate had backed off its NY afternoon recovery high of $1.5979. A mix of disappointing US weekly jobless claims, as well as risk getting a boost on hopes for a conclusion to the US debt ceiling impasse aided cable’s recovery through the latter part of the day, after rate had seen extended lows of $1.5914 into Europe. Rate recovered in early Asia to $1.5979 before it dropped back to $1.5968 as markets reacted to comments coming out of the Obama-Republican meeting, though no deal is thus forthcoming market is hopeful that an agreement is close. Cable recovered to extended recovery highs of $1.5985 before it settled between $1.5975/85 ahead of the European open. Traders note that offers are seen in place at $1./5985, said to be attracted to a broken trend line support which now comes through this level. A break here to open a move toward $1.6000, a move above to open a move toward $1.6020 ahead of $1.6040/50. Support seen at the overnight low of $1.5968 (23.6% $1.5914-85), a break to open a deeper move toward $1.5960/50 ahead of $1.5930. Euro-sterling was contained by stg0.84645-0.84725 in Asia, holding within an outside range of stg0.8440-90.
