Resistance Above $1.3180 Stalls Approach to $1.3200

Sterling gained a further boost as BOE Bailey stated that negative interest rate policy is "in the toolbox", adding that the Bank have no plans to use that at present. Cable had extended its recent recovery above $1.3170 in the earlier react to the BOE keeping rates/QE on hold, touched $1.3083 before meeting willing sellers positioned above $1.3180. Rate dropped back, met support at the earlier Asia high of $1.3144 before it edged to $1.3186 in reaction to the Bailey comments. Rate again met headwinds above $1.3180, the resistance again prompting a corrective pullback, easing to $1.3147 into early NY. Recovery from here met resistance at $1.3179 before rate moved lower, touching an extended low of $1.3119 in post fix trade but buyers moved into the dip to take it back to $1.3171 into the Europe close. Rate currently seen settled around $1.3155 into the NY afternoon. Resistance remains from $1.3180 through to the Mar9 high of $1.3200, with the Feb3 high of $1.3215 sitting close behind.
A light data calendar for the UK Friday, attention on US NFP as well as US stimulus.