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HISTORICAL DETAILS
% Change
1 Wk 1.04%
1 Month -0.72%
3 Months -2.02%
6 Months 0.72%
1 Year 5.07%
52 WEEK
High 1.6747
Low 1.5125
BLOOMBERG MEDIAN FORECASTS
Q2 2011 1.63
Q3 2011 1.62
Q4 2011 1.63
Q1 2012 1.62
DAILY DETAIL
Cable continued to pull back from recent highs overnight, as traders remained cautious amidst concerns over the US and European debt situations. After trading to a low of 1.6003, the market rallied significantly to finish the session at 1.6054 as the euro recovered strongly. Volatility continues to remain fairly high given the macro issues driving markets, especially for the euro. With little UK domestic data out last night or tonight, traders will continue to take their cue from overall risk sentiment, which is being driven by the euro at the moment. Price action printed a lower high and lower low, which follows the recent short-term pull-back that that came after last week’s bounce. Price action is also continuing to consolidate above the 38.2% Fibonacci retracement of the recent low to high, which is encouraging to the upside. However, there is a lot of downside risk ahead of tomorrow night’s MPC meeting minutes. The market will scrutinise the reading closely for signs of increasing support to up the Asset Purchasing Programme. Ben Potter, Australia
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