The pair closed in NY Tuesday at $1.6097 after rate had managed to extend its corrective recovery off Monday’s low of $1.5943, stepping its way to a high of $1.6129. Rate eased off to $1.6067 through the London fix before recovering to $1.6111, then drifted off into the close. Euro-sterling, which had extended its corrective pullback off Monday’s highs of stg0.7874 to stg0.7837 during the European morning, pushed up to retest the stg0.7874 level in NY with early Asia keeping the upside pressure on which saw rate touch a high of stg0.7875 before it reversed off to stg0.78635. Cable edged to $1.6108 in early Asia before it turned lower on general dollar demand, basing at $1.6055 before it settled between $1.6055/65. Cable support $1.6055/45, a break to expose Tuesday’s low of $1.6027. Resistance $1.6108/12 ahead of $1.6129 then $1.6159. Euro-sterling resistance remains at stg0.7870/75(stg0.7874 Jul23 low, recentstall highs; 21-dma stg0.7872), a break to open a move to stg0.7881(38.2% stg0.8066-0.7766) ahead of recent highs at stg0.7889 (Sep23 high). Support remains at stg0.7840/30. Halifax house price data at 0700GMT in an otherwise data light day, FOMC Minutes at 1800GMT overshadows.
