Traders report options-related offers at the 1.4800/05 level leading me to assume there are expiries at that level at 15:00 GMT. Solid offers are noted in cable on rebounds to the 1.6230 level now, traders say.
1.6110 is crucial support for cable if this weekis low at 1.6135 is taken out.
Dealers note continued reserve diversification on dips in EUR/USD. The Russia CB was in buying dollars against the Ruble earlier and will likely convert a chunk into EUR before long. Same from our Asian friends, traders say. We trade now at 1.4782.
