Cable's recovery rally from an intra-day low of 1.9637 has run into resistance at 1.9680. Tripped stops below 1.9680 helped depress GBP/USD to that 1.9637 low, following the 13:30GMT release of USD-positive housing starts and jobless claims data.
1.9680+ obstacles include 1.9692 (today's Asian session base), 1.9724 (yesterday's peak), 1.9743 (today's Asian session top), and 1.9780. Six-week highs just shy of 1.9780 were notched in early European trade. 1.9610, 1.9725 and 1.9800 option strikes roll off at today's 10am EST NY cut (15:00GMT).
Looking ahead: Fed Governor Ben Bernanke is slated to speak about budgetary issues at 15:00GMT. January's Philly Fed business outlook survey index will be revealed at 17:00GMT. Forecast: 3.1. UK December retail sales figures will be disclosed at 09:30GMT tomorrow (Friday).
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