Cable has elicited support from the disappointing US ADP employment report number. This came in at 64k, against the 100k forecast. Sterling revisited Monday's pre-1.9890 lows at the NY open, after tripping stops below 1.9900. 1.9870/80 is a touted support window south of 1.9890.
Prop points below include 1.9850, 1.9830 (Apr 16 base) and 1.9800. A 1.9850 option strike rolls off at today's 10am Eastern NY cut (14:00GMT/3pm BST). GBP/USD resistance levels include 1.9939 (today's Asian session base), 1.9970 and 1.9991 (today's Asian session top).
US March factory orders will be revealed at 14:00GMT. Forecast: +2.0% m/m. US Treasury Secretary Paulson is slated to speak at 15:00GMT. BoE Governor King is due to address the Society of Business Economists at 17:30GMT. The next BoE MPC meeting is next week (May 9/10).
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