The pair closed in NY Monday at $1.5366, off the day’s lows of $1.5352, after the rate had pared gains from $1.5459, seen Friday at month end. This move lower through Monday was seen led by a recovery in euro-sterling, which bounced back from an early Asian low of stg0.7235(fresh 7-yr low) to stg0.7301. The cross eased off those highs through the NY session, touching a low of stg0.7275 before closing the day at stg0.7279. Euro-sterling consolidated this corrective pullback between stg0.7276-82 through Asia. Cable touched an early low in Asia of $1.5356 before rate recovered in tandem with euro-dollar, pushing up to $1.5383, with early Europe extending this correction to $1.5388 at writing. Resistance seen at $1.5395/1.5405, a break to open a move back toward Monday’s high at $1.5421. Support remains on approach to $1.5350 ($1.5356-52 Asia-NY lows), a break to expose the Feb23 low at $1.5333. UK construction PMI due at 0930GMT provides the domestic data interest (median 59.0 vs last 59.1), with BOE Carney speaking to the Treasury Committee concerning the FX currency probe at 1000GMT
