The pair closed in NY Thursday at $1.7155 after rate was able to recover off US NFP react lows of $1.7092, the recovery aided by euro-sterling getting pressed below stg0.7950 as markets reacted to dovish ECB Draghi comments at the ECB press conference. Euro-sterling saw lows in NY of stg0.79315 (21-mth lows), with rate holding heavy into the close. A quiet start to Asian trade saw cable held by $1.7152/55 before rate marked lows at $1.7151 before edging higher, again the move up generated by euro-sterling sales. Cable touched an initial high at $1.7167 before it spiked on to $1.7174 as the cross was forced below stg0.7925, though reported demand placed between stg0.7925/20 cushioned the move. Sterling remains buoyant ahead of the European open, cable trading around $1.7171, the cross at stg0.7924. A break below stg0.7920 to open a deeper move toward stg0.7913(1.618% swing stg0.7959-0.8034) ahead of stg0.7900 and stg0.7880 (stg0.7874=E1.27). Resistance now seen into stg0.7950. Cable resistance/offers seen at the recent high at $1.7180 (68-mth high; Jul2). Support $1.7155/45 ahead of $1.7125/20. A light data calendar today, US markets closed for Independence Day.
