Cable has recovered nicely from losses in NY on Wednesday, with the currency reaching a low of 1.6241 to open in Asia at 1.6342 and steadily rise to 1.6420. The Cable fell on warnings from BOE Barker, that rates could remain low for some time. But, aiding the recovery was the report from the NIESR on Wednesday that the UK recession may have ended in March. Also seen as positive are the comments from BOE Sentance that the UK and global economy are bottoming. Resistance remains at 1.6473 and the highs traded on Wednesday. No real strong direction for sterling crosses emerged in Asia with GBP/JPY range bound between 160.35-160.87 and EUR/GBP stabilizing after Wednesday's decline, and trading a range of 0.8547-65.
source: http://www.dailyfx.com
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