Closed in NY at $1.5680, having settled back around this level after recovering back from session lows of $1.5649. Rate marked lows in early Asia at $1.5671 before edging higher, the rate pushing up to $1.5700 before meeting resistance. A pullback to $1.5680 ahead of the European open was quickly reversed as early Europe bought into the dip, taking the rate through Asian highs of $1.5703 to $1.5709 ($1.5710 76.4% $1.5729/1.5649). Rate currently trades around $1.5698. Rate has basically tracked euro-dollar’s recovery though EUR/GBP, breaking above its overnight range of stg0.83175/0.8332 to stg0.8339, provided some counter to upside progress. Markets described as thin through Asia (Japan holiday) with conditions not expected to get much better in Europe as most centres expect to finish early ahead of the weekend Christmas holidays.A break of $1.5710 to expose Thursday’s highs at $1.5729, with offers seen to $1.5730, a break here to then open a move
on toward stronger area between $1.5745/50 ($1.5745 76.4% $1.5775/1.5648) ahead of $1.5775/80. Support remains at $1.5650/45.
EasyForexNews Research Team