Cable sits presently at 1.4825, trying to regain its poise after an earlier sell-off today saw a session low 1.4758 posted. Citibank topping analysts estimates with Q-1 results, only losing 18 cents a share compared to forecasts of around -32 cents, will be lending cable some support.
Another thing in cable’s favour is the fact that almost everyman and his dog seems to be calling for a lower EUR/GBP. We’ve been up to .8861 today only to be back down at .8810 at writing.
Reported Russian buying of the GBP/JPY cross will also be lending cable some underpinning.
Technical supports for cable come at 1.4785 and 1.4750, resistance up at 1.4850 and then 1.4880/85.
UPDATE: Sources report buy-stops gathering just above 1.4850.
