Cable edges higher in early trade; sell orders noted

Cable has edged higher in early European trade, presently at 1.6330 from around 1.6305.

Technical resistance next at 1.6345/50. Talk of sell orders up at 1.6345/65.

One thing underpinning sterling will be the possibility of lumpy positive M&A flows.

Obviously we have Kraft, possibly Hershey, interest in Cadbury, while France’s GDF Suez is sniffing around UK’s International Power.

EUR/GBP presently at .8810. Talk of stops on move through .8800.