Closed in NY at $1.5740, having trailed EUR/USD stronger recovery extension to a session high of $1.5748, which in turn allowed the cross to extend its recent rise to stg0.8500. Cable managed to step its way to an extended high of $1.5753 in early Asian dealing, again tracking EUR/USD while the cross was held below stg0.8500 (high stg0.84985), with resistance around the 61.8% retrace of Wednesday’s fall from $1.5816 to $1.5648 at $1.5752 helping to cap. Rate drifted lower through the balance of the overnight session, touching a low of $1.5726 ahead of the European open, currently trading around $1.5736. EUR/GBP trade consolidated its move between stg0.8488/0.84985, currently around stg0.8495. UK 4Q GDP data at 0930 the morning’s focus, expectations of -0.2% Q/Q. G20 ahead and expected to prompt position adjustment into the weekend. Cable offers remain at $1.5750/55, a break of $1.5760 to open a move on toward $1.5776 (76.4% $1.5816/1.5648), with offers seen to $1.5780. Support seen at $1.5725/15 (38.2%/50% $1.5680/1.5753) ahead of $1.5700 and $1.5680.
EasyForexNews Research Team