GBP/USD closed in NY at $1.5438, off its extended recovery high of $1.5444. Rate traded the early part of Asia between $1.5423/38, as it consolidated Wednesday’s move, extending to $1.5446 into the Asian afternoon before easing ahead of the European open to hold between $1.5423/33. EUR/GBP was contained by stg0.8328/38 in Asia. GBP squeezed down to an extended low of $1.5415 in early Europe before picking up fresh demand that lifted it back through Wednesday’s high, extending the move to $1.5455. The recovery was seen EUR/USD led, with EUR/GBP diverting some of the upside pressure as the cross moved up to stg0.8356 (Europe high Weds stg0.8354). GBP eased off highs on Asian sovereign supply, the pullback meeting demand ahead of $1.5420 and taking it on to extended highs of $1.5459. Rate was holding firm in late morning trade, dealing around $1.5442, though the cross was able to track EUR/USD higher, edging to stg0.83635. Euro cross short covering ongoing, seen hampering cable recovery effort.
EasyForexNews Research Team