Opened early Europe at $1.5352 stg0.8364, GBP/USD closed in NY at $1.5333, the rate having been pulled higher by EUR/USD stronger recovery to a session high of $1.5367, as it recovered off early Europe lows of $1.5279. EUR/GBP recovery driving to stg0.8374 provided a counter. GBP marked lows into Asia at $1.5332 before edging to an early high of $1.5346 before rate gained a late session boost on the back of EUR/USD spike higher as it reacted to a press report suggesting a Greek debt accord is close to agreement. Cable spiked to $1.5395, as EUR/GBP continued to meet resistance within the area between stg0.8370/80, marking a high at stg0.8375. GBP held firm into early Europe, managing to extend highs to $1.5410 before meeting strong headwind sellers. Rate drifted down to $1.5340/35, tracking EUR/USD slippage, though the cross easing off extended highs of stg0.83765 provided some counter buoyancy. EUR/USD breaking under $1.28 took the cross to pullback lows of stg0.83355, allowing GBP to bounce off extended corrective lows of $1.5320.
EasyForexNews Research Team