The pair slipped to NY session lows of $1.5651 on Monday after the release of strong US Q3 GDP data. The dip attracted fresh demand interest with a move to $1.5675 which later extended through $1.5700 after soft US Consumer Confidence data. Momentum buying saw a further move to $1.5735, before profit take sales eased to consolidate above $1.5700 into the NY close. Euro-sterling continued on a buoyant tone to close at stg0.7942. A wave of dollar unwinds provided the early support in Asia with a move to $1.5721, however with lack of follow through soon drifted lower. Losses extended under $1.5700 to $1.5693, before the dip attracted fresh demand interest to settle in narrow range trade. Cable last at $1.5704 with demand seen placed at $1.5680, stronger behind on approach to $1.5650. Euro-sterling saw trade confined to a narrow 10 pip range with offers ahead of stg0.7950 capping the topside. A break opens stg0.7953 (50% of stg0.8002-0.7903), offers behind at stg0.7980. Focus turns to the release of Q3 GDP data at 0930GMT where market’s looks for
unrevised readings of 0.7%q/q, 3.0%y/y
