Cable opened firmer in Europe, up around 1.4565 from a North American close Friday around 1.4440, and is ticking higher in early trade, presently up at 1.4610. Sterling is benefitting from the generally improved risk sentiment as investors focus in on the US toxic asset plan. Also still underminning the dollar is the Feds plan to buy longer-term treasuries which could lead to an over-supply of dollars in circulation.
Technical resistance of note for cable is now at 1.4650, which is seemingly the cable bulls’ short-term objective.
