Cable sits at 1.4765 presently, down from the session high 1.4828, but still well up on the day. Sterling is making the most of the better risk sentiment we’ve been seeing in recent sessions.
The release of Halifax house data earlier, showing -1.9% m/m, -17.5% y/y declines in March did nothing to dent the positive vibes for sterling, although it contrasted starkly to Nationwide data released yesterday.
After the earlier comments from White House spokesman Gibbs, the market is now really expecting the worse from the US jobs data. That increases the chances of a relief rally in cable if the numbers aren’t really scary (say anything below -675K)
From a technical standpoint resistances now seen at 1.4800/05, 1.4828 and then 1.4850/55. Supports are down at 1.4720, 1.4695/00 and then 1.4650.
