Closed in N at $1.5815, just off session lows of $1.5813 after rate had pulled back from earlier highs of $1.5886. Rate posted an early Asian session high of $1.5818 before resuming its corrective pullback, trading through Thursday’s Asian low of $1.5794 to extend the pullback from recent highs of $1.5929 to $1.5782, with early Europe extending the move to $1.5779 ($1.5778 76.4% $1.5731/1.5929). Trade basically tracked EUR/USD moves, as EUR/GBP was restricted to a tight range of stg0.8394/0.8406. The cross currently seen weighing on the bottom side of its overnight range, providing cable with a lift back to $1.5790, as the euro sees early downside pressure as finalization of the Greek debt deal gets pushed back into next week. A break of $1.5778 to open a deeper corrective pullback toward $1.5750 ahead of $1.5730. Resistance now seen at $1.5815/20 ahead of $1.5840/50. UK input/out price data due up at 0930GMT but Greece debt talk developments, and headline reporting on comments, expected to again provide the main drive. EUR/GBP resistance seen toward stg0.8410, stronger stg0.8420/30. Bids stg0.8370.
EasyForexNews Research Team