The pair closed in NY Tuesday at $1.6810 after rate was pressed back from early European session highs of $1.6883 to a low of $1.6782 during the NY afternoon before recovering back above $1.6800 into the close. Euro-sterling also reflected the reversal in sterling’s fortunes as rate bounced from lows of stg0.8086 to stg0.81175, settling between stg0.8110/15 into the close. Cable consolidated Tuesday’s move between $1.6806/14 through Asia, while the cross was confined by stg0.81075-0.81125. Euro-sterling seen within an outside range of stg0.8080-0.8120, though end month demand could bring pressure to bear on the topside. Further offers noted into stg0.8130. For cable, resistance remains at $1.6814 (61.8% $1.6834-1.6782), a break to open a move toward $1.6822 with technical traders suggesting decent offers to emerge at and above $1.6835/40 ($1.6833-44 50%-61.8% $1.6883-1.6782). Support remains in place toward $1.6780. Another light data calendar day for the UK with CBI sales data the highlight at 1000GMT. German employment and EZ sentiment indexes provides the main outside influence.
