The pair was Supported by stronger-than-forecast CBI Retail Sales data on Monday which saw the rate lift to extended session highs of $1.6146, before light profit take sales eased into the NY close. Euro-sterling closed at stg0.7878, the rate recovered off pullback lows of stg0.7862 after earlier printing a high of stg0.7893. Into Asia and the cross remained in consolidation mode before strong Japanese demand in euro-yen provided fresh appetite. The euro caught a bid tone and as euro-dollar extended through $1.2700, euro-sterling tracked the move to stg0.7886 before stalling around tech resistance from the 21 dma. As Momentum turned the pair retraced early gains and sat flat tied to a narrow stg0.7874-84 range. Cable was pressed to early lows of $1.6112, the dip attracted fresh demand interest with a move to $1.6120/30 where it consolidated ahead of Europe. Demand is seen placed on approach to $1.6100, a break opens $1.6092/83 (21 dma, Oct 27 low). With no UK data scheduled for release today tight range trade is expected to continue amid headline driven markets
