Cable has gotten off to an active choppy start. A sharp early sell-off below 1.6400 has been followed by an equally sharp rally which sees the pairing back up at 1.6435, pretty much where it was two hours ago.
We remain ensconsed in a well-touted 1.62-1.66 range with price action between those parameters at times insanely active.
The Old Lady has used the Financial Stability Report, released overnight, to warn that the UK remains highly vulnerable to potential shocks. The market seens to have digested the news without it having a marked advserse effect on sterling.
For today technical support at 1.6360/70, resistance at 1.6445/50.
