Cable is a little firmer in early European trade, presently up at 1.5175. The market seems in pretty cautious mood at the start of the new week.
While risk sentiment isn’t in very good shape, the market has learnt one thing in recent sessions, and that’s that sentiment can change at the drop of a hat. Indeed S&P futures are clawing back losses, presently flat, and this will be lending cable and EUR/USD some support.
According to Rightmove, asking prices for UK houses rose by 2.4% m/m in May and were -6.2% lower than a year ago, which is up from -7.3% in April. This is the largest May increase in 6 years.
Technical support lies at 1.5115, resistances up at 1.5200 and 1.5245/50. Wouldn’t be surprised if there weren’t some buy stops just above 1.5200.
