Cable has risen to a four-day high of 1.9705 the back of the slump in February US new home sales to a seven-year low. This is good news for US interest rate doves. The USD was already on the back foot into the release. 1.9725/30 is an above-market resistance window.
Sterling scaled an six-week peak just shy of 1.9730 last Thursday. 1.9690 is now a pullback support point. Lower props include 1.9674 (Friday's NY session top) and 1.9640. BoE Deputy Governor John Gieve is slated to speak at 16:00GMT. Gieve is also one of the five MPC members due to address the UK TSC from 08:45GMT tomorrow. BoE Governor Mervyn King headlines.
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