Closed in NY at $1.5505, after seeing lows in this session at $1.5466 as rate was pulled lower by deeper EUR/USD slippage, with EUR/GBP finding support around stg0.8250, eventually able to mark lows in this session at stg0.82495. Early trade into Asia saw cable hold a tight $1.5491/$1.5509 range, with the N.Korean rumors of an explosion at a nuclear facility pressing the rate down to lows of $1.5476 (76.4% $1.5466/1.5509), though the reaction in EUR/USD was seen more pronounced and allowing EUR/GBP to extend lows to stg0.82445. S.Korean denial of the rumor allowed cable to drift higher, trading in early Europe around $1.5494. Offers seen placed into $1.5500, a break to allow for a move on toward the overnight high at $1.5509, with stops noted above $1.5510. A break here and rate can edge on toward $1.5520 ahead of $1.5535 and $1.5550/55. Support remains at $1.5476 and while rate can hold above seen keeping hopes alive for a stronger recovery attempt. Below $1.5476 and the $1.5466 becomes exposed, a break to open a deeper move toward $1.5445/35.
EasyForexNews Research Team