Cable steady in early European trade

Cable is pretty steady in early European trade as it tries to consolidate recent gains, presently at 1.5475.

Couple of interesting articles to note in todays Times. One has Chancellor Alistair Darling reiterating his forecast that the UK recession will be over by Christmas.

Elsewhere IMD, the Swiss business school, opines that the UK is less well placed than many of it’s competitors, including Germany, China, and U.S. and even the Republic of Ireland, to bounce back after the recesson.

Technical support for cable lies at 1.5450/55 and 1.5430, resistance up at 1.5500. More consolidative trade looks favoured short-term. Longer-term market still seems bullish cable.