Closed in NY at $1.5622, the rate having settled between $1.5590/1.5646 after marking lows at $1.5580. Despite the pullback GBP enjoyed an underlying buoyant tone, aided by EUR/GBP squeezing down to NY session lows of stg0.8264, with rate managing to hold for the most part above $1.5600 into the NY close. GBP drifted off Asian opening highs of $1.5622, eventually breaking back under $1.5600 ahead of the European open to mark session lows at $1.5594. Early Europe continued the pressure to extend move to $1.5589 before fresh demand emerged into the dip with talk of decent demand interest placed into the $1.5580 level. Rate was trading back above $1.5600 at writing. EUR/GBP opened Asia at session highs of stg0.8288, squeezing back to stg0.8275, with rate currently holding around stg0.8280. GBP support remains at $1.5580/70 with stops below, a break to open a deeper move toward $1.5550. Resistance $1.5620/25 ahead of $1.5645/50. Cross demand seen at stg0.8275 ahead of stg0.8264 with option barrier at stg0.8250 to draw demand ahead. Offers stg0.8290/305.
EasyForexNews Research Team