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HISTORICAL DETAILS
% Change
1 Wk 0.02%
1 Month 2.09%
3 Months -2.21%
6 Months 2.56%
1 Year 4.76%
52 WEEK
High 1.6747
Low 1.5297
BLOOMBERG MEDIAN FORECASTS
Q2 2011 1.63
Q3 2011 1.62
Q4 2011 1.63
Q1 2012 1.62
DAILY DETAIL
Sterling saw some selling pressure overnight as EUR/USD staged a significant reversal after risk aversion jumped, and the US dollar saw some short covering off of technical support levels. After hitting a high of 1.6437, cable retreated to a low of 1.6310 before closing the session modestly stronger at 1.6327. From a technical perspective, sterling is finding support around the 1.63 level; as long as this holds, we could continue to view it as bullish. However, a break down through support at 1.6260 would likely turn the market bearish in the shorter term. Looking ahead to tonight’s action, and all eyes are going to continue to watch the US and the debt ceiling discussions. Any further strength in the greenback would likely pressure cable and vice versa. Ben Potter, Australia
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