The pair closed in NY Friday at $1.5399 after rate had recovered off a intraday low of $1.5343 (seen following the release of weaker than forecast UK retail sales data) to $1.5421 as markets Friday afternoon whipped around in thin conditions, reacting to Greece headlines. The 4-month extension for Greek loans allowed market to settle into the weekend, but focus will remain on Greece as the government needs to submit details of reforms by today. Cable marked highs in early Asia of $1.5409 before turning lower, touching a base at $1.5370 before recovering to $1.5388 ahead of Europe. More action was seen late Friday and into Asia from euro pairs, euro-sterling having been whipped from lows of stg0.7340 to stg0.74295, closing the week around stg0.7390. Into Asia and rate bounced between stg0.73895 and stg0.74045, trading around stg0.7395 into Europe. UK CBI sales data at 1100GMT provides domestic interest, with Thursday’s release of Q4 GDP (second read) the stand out interest this week. As mentioned above, Greek headline watching remains key for market movement, with attention also turning to Fed Yellen Testimony Tues/Weds. Cable support $1.5370, $1.5350/40. Resistance $1.5410/20.
