Cable has been as high as 1.5112, presently at 1.5095. The rally had it’s seeds in sovereign buying below 1.5000 and accelerated when stops were tripped through Asian session high of 1.5071. Sources report a Uk clearer buying aggressively (not the one who’s been notable seller recently) Infact the one where I had my first job interview as a fresh-faced 18 year old. Well infact I interviewed for the merchant banking arm of the clearing bank to be exact.
Cable has also been helped by talk of EUR/GBP selling interest lined for todays fixing. Exact fixing not forthcoming but could well be the 11:00 GMT one. EUR/GBP is down at .9063 from early .9095 having been as high as .9119 at one stage. The .9110/30 area continues to provide stiff resistance. Danger now is that fix interest has been front run.
