Cable is holding onto most of this morning’s gains, so far. Sits presently at 1.4890, having earlier posted a session high 1.4934. The cable market is described as being extremely thin, so it wouldn’t take much of an order/interest to shift it a fair way in either direction.
Sterling is being underpinned by the earlier release of better than expected April PMI data. Alot of the strength in the currency can be put down to an extremely large EUR/GBP sell interest which came out of Frankfurt. A German bank there is said to have sold in the region of a yard of euros against sterling.
Tecnical resistance 1.4945/50, support 1.4880 and 1.4845/50.
