Sell interest from 1.9450 capped cable at a five-day peak of 1.9456 following its early Europe break through 1.9438 (today's Asian session high). The pair elicited support ahead of 1.9406 (yesterday's high) on its pullback from that 1.9456 high. Stops above 1.9406 were tripped in Asia today.
Further demand is tipped sub-1.9400. Gain consolidation from 1.9260 (yesterday's 6-week low) is the big-picture sterling story. 1.9456+ resistance levels are located at 1.9472 (last Thursday's NY session top), 1.9504 (last Wednesday's Asian session low), and 1.9531 (last Wednesday's peak). Good size model fund buying helped inflate GBP/CHF to a 57-month peak of 2.4050 during the European morning. EUR/GBP has plumbed an 11-day low of 0.6705.
UK like-for-like retail sales rose by an annualized 2.5% in December, compared to a 0.5% increase in November, according to BRC data disclosed at 00:01GMT. The strong number is good news for hawks forecasting another 25bp UK base rate hike to 5.25% next month (Feb 8).
No comments:
Post a Comment