Closed in NY at $1.5820, having recovered off a pullback low of $1.5797, seen as EUR/GBP extended its recovery to a high of stg0.8388. Rate was shoved down to extended lows of $1.5794 in early Asian trade, as rate tracked EUR/USD negative reaction to the headline reports that Greek political leaders had failed to reach a full agreement on required austerity proposals needed to receive debt aid. The dip attracted demand which allowed rate to recover to $1.5821, but rate only managed to clear higher later in the overnight session, edging on to $1.5845 as it tracked EUR/USD stronger recovery. With cable trailing the move it saw EUR/GBP extend its recovery to stg0.8402. GBP has extended to $1.5848 in early European trade, currently around $1.5844, while the cross holds back below stg0.8400 at stg0.8393. BOE MPC rate/QE decision in focus today. No change in rates expected but an increase in QE of stg50bln seen as consensus, which if proves correct will cause little reaction. Below and sterling positive, more negative. GBP offers $1.5850, more toward $1.5880. Support $1.5800/790.
EasyForexNews Research Team