Cable sits at 1.6320, down from a North American close Friday up around 1.6360. Given the weekend press, especially MPC member Posen raising the spectre of further QE next month, it could have been worse.
Good news on the housing front may have helped provide some support. Rightmove reports October house prices in England and Wales rose +0.2% y/y, the first annual rise since June 2008. On the month prices rose 2.8%, the biggest increase since February 2008 and the largest October rise in 6 years. Lack of supply continues to be cited as reason for recovery in prices.
Cable supports 1.6280/85, and 1.6250, resistances 1.6370/75 and 1.6400/05.