Cable has tacked on about half a cent in early European trading, presently up at 1.6502. As mentioned in earlier commentary Middle Eastern sovereign buying has been noted in the pairing.
Talk now of stops through 1.6510. Guess they’d be of the intraday trader variety, given 1.6509 is the overnight session high.
10:00 GMT: CBI trends total orders for April expected 4 from previous 5
Worth remembering we’ve got Q1 GDP coming up on Wednesday, which has to be seen as event risk for sterling.
UPDATE: Ofcourse GDP data is out tomorrow, not Thursday.
