Cable is rallying nicely, presently up at 1.6195. Sources note that an Asian sovereign stepped in around the session low buying good amounts and then Middle Eastern buy interest kicked in around 1.6150.
News that BP has made a “giant” oil discovery could well be helping support sterling. Thanks for heads up Ali, much appreciated.
The BP story sure strikes a cord with me. About 2 years ago my ex-partner went out to see an old school mate who lives not far from Houston. Her husband is a scientist in the oil industry and he said 2 years ago that someday fairly soon there was going to be an announcement of a huge oil find by a UK oil company in the area. Ever since I’ve been waiting. This seems to have been what he was talking about.
Technical resistances now 1.6200 and 1.6220.
