Cable up at 1.5550 from North American close Wednesday down around 1.5455, with buy stops above 1.5500 having been found and tripped. We’ve been as high as 1.5563 overnight. The pairing was given decent support yesterday when various sovereigns turned up buying down around 1.5400.
Another thing I was told yesterday but didn’t mention, was that Japanese investors were being seen decent buyers of the yen crosses in general but GBP/JPY in particular. I didn’t mention it because I was more interested in the sovereign buying and because the yen at the time was losing more ground against the likes of the euro than sterling. But it’s interesting that we’ve seen a decent rally in the GBP/JPY cross overnight, presently at 131.85 from North American close Wednesday down around 130.80.
Back with cable, talk now sell orders up at 1.5580 through 1.5600. Not too far away.
Sterling data today:
10:00 GMT: UK CBI reported sales for August expected 18 from previous 33.