The pair closed in NY Wednesday at $1.6899 after rate had seen extended recovery highs of $1.6922, on reaction to the release of strong retail sales data, before easing off to $1.6857 through the NY morning before recovering into the close following the release of FOMC Minutes. Euro-sterling marked fresh 2014 lows of stg0.8086 on data react, the low matching 2013 lows, before edging back to close around stg0.8100. Cable marked highs into opening Asian trade at $1.6903 before it slowly drifted lower through the session, marking a base at $1.6884, trading around $1.6890 ahead of the European open. UK Q1 GDP revision (median unchanged from 0.8%Q/Q-3.10% y/y) and borrowing data due for release at 0830GMT, followed by CBI trends at 1000GMT, provide the domestic morning interest. Cable resistance seen between $1.6900/10, a break to expose Wednesday’s high at $1.6922 ahead of stronger interest at $1.6930/35 ($1.6934 76.4% $1.6997-1.6732). Above here and further resistance sene into $1.6950. Support remains between $1.6885/75 ahead of $1.6860/50, with stronger interest seen into $1.6830. Euro-sterling offers stg0.8100/05 ahead of stg0.8120. Support remains at the 2013 low at stg0.8086, challenged Wednesday.
