Cable at 1.6480 is drifting a little lower in early European trade, but so far it’s fairly subdued fare. The market now awaits the release of latest jobs data and BOE quarterly inflation report later this morning.
Technical supports 1.6430, 1.6400/05 and 1.6370, resistances up at 1.6520 and 1.6550.
The support at 1.6430 has so far proven a durable barrier to the downside. There will be stops gathering not far south of said level.
Meanwhile cable has continued to struggle above 1.6500 of late, the pairing’s cause not helped by mutterings of Asian sovereign sell interest above said level. But as we know that can disappear double quick.
