Cable is trying to extend its recovery from the earlier 1.5519 session low, presently at 1.5650. Not overly surprisingly the market remains somewhat wary. Slightly lost in all the confusion this morning was some good news on the consumer and housing fronts.
UK retail sales came in better than expected at +0.9% m/m, +2.6% y/y vs median forecasts of +0.5% and +2.4% respectively, while major UK lenders approved 42,100 mortgages for house purchases in April, up from 36,400 in March.
Technical support is at 1.5610/20, while resistances up at 1.5685, 1.5700 and 1.5740/50.
Talk that there has been interest to buy o/n $1.5700 strikes, so some feel price could gravitate toward said level.
