Closed in NY at its range highs of $1.5490, with rate holding gains into Asia, extending the topside to $1.5497 but strong resistance toward $1.5500 capped upside progress. Rate traded the overnight session within a tight $1.5478/97 range, opening Europe around $1.5490. EUR/GBP consolidated its recovery gains between stg0.8366/76, with the early EUR/USD topside extension allowing it to extend to stg0.8378. The cross currently trades around stg0.8375. If GBP can clear above $1.5500 expected to meet further resistance between $1.5520/30. Through here and next offers seen into $1.5550 ahead of another area of decent sell interest placed up toward $1.5580. Support seen in place between $1.5480/70, a break to allow for a deeper move toward $1.5450 ahead of $1.5435/30. In the cross, offers seen into stg0.8380, a break to open a move toward stg0.8390 with further offers seen from here and dotted through to stg0.8410. Stronger sell interest seen at stg0.8420/25. Support stg0.8330/20. UK retail sales/BOE trends in lending due at 0930GMT.
EasyForexNews Research Team