Cable is trading at 1.9917, still holding near morning highs despite the failure of both JPY and EUR to hold gains against the USD today. The bias, particularly for higher yielding currencies such as GBP, AUD and NZD, is still to sell rallies according to dealers.
Gains have been capped ahead of 1.9930 so far this morning though dealers were hoping to sell around levels of 1.9950/60 where offers are currently reported with the technical bias still bearish on sterling. Support on the downside remains at 1.9845/50, near the morning lows with limited interest expected on Sterling into the afternoon.
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