In a range bound session for all currencies, sterling maintained its overall bid tone and recovered off the session low of 1.5476 as risk appetites had a good day despite poor US and European economic data. Traders expect no major change at this week's FOMC meeting and a 25 bp cut from Thursday's ECB meeting (a majority of the shadow ECB even called for 50 bp cut).
Sterling is off the low of the day both against the usd and euro. There is some resistance at 1.5511 (tested twice this session) expected as 50% fib retrace of intraday range as well as good offers just short of 1.5550 and 100day moving average at 1.5573.
Current rate 1.5494 3:30 pm ET
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