The pair closed in NY Tuesday at $1.6747 after rate had been given a boost on release of stronger than forecast UK IP/Mfg data, with the IMF upgrading its UK growth outlook allowing the pound to hold most of its intraday gains having seen a high of $1.6755, off earlier lows of $1.6605. Euro-sterling was pressed down to stg0.8234, from the earlier stg0.8270/75 level, with Asia consolidating this move between stg0.82335-0.8237. Cable also consolidated Tuesday’s move with trade through Asia contained within a relatively tight range of $1.6739/52. UK trade data at 0830GMT provides the domestic interest but attention will be set on the release of Fed Minutes later in the day (1800GMT). Cable resistance seen at $1.6755/65, a break here to open a move toward$1.6785/1.6800. Through here and the 2014 high at $1.6823 moves into view (Feb17high and high since Nov 2009). Support $1.6710/00 ahead of $1.6680. Euro-sterling support remains into stg0.8230 ahead of stg0.8215/10 and stg0.8200. Resistance stg0.8250, stg0.8275/85.
