Opened in early Europe at $1.5795 and stg0.8304. Opened in Asia at $1.5800 after a strong pull up from lows of $1.5655 as NY opened. The pair launched a strong recovery as risk appetite built with cable lifting throughout the N. American session peaking at $1.5817, later easing to $1.5800 into the close. Asian markets have been relatively calm with the pair trading a tight $1.5795-1.5818 range this morning. EUR/GBP traded a stg0.8302-15 range, with support seen towards stg0.8280. Into Europe and cable opened flat around $1.5795 with trade hemmed into a tight range. Sterling demand was seen ahead of UK Retail Sales lifting to $1.5820, with EUR/GBP easing off earlier highs to stg0.8302. On release of better than expected data the pair spiked to $1.5845, climbing further to $1.5861, before stalling on profit take sales. The cross eased further to stg0.8288, with good demand seen below as mentioned earlier. Cable consolidated gains and heads into the NY session around $1.5845 on a more positive tone than of late.
EasyForexNews Research Team