Closed in NY at $1.5737, after rate had bounced off traded lows at $1.5696 to a NY recovery high of $1.5754. Rate initially dipped to $1.5725 in early Asian trade, the move influenced by the Aussie negative react to disappointing jobs data, with recovery able to edge up to retest that NY recovery high. The eventual break allowed rate to step its way to an overnight high of $1.5771, dipping back to $1.5755 before early demand into Europe extended move to $1.5773. Rate has since drifted off, currently trading around $1.5760. Focus in the UK will be on BOE rate decision, though most see no change in rate/QE. ECB rate decision also due today but Greek PSI seen overshadowing with its effect on risk. US jobs data Friday also noted in the background. Cable offers remain in place between $1.5770/80, a break to open a move on toward $1.5800/10. Above here and rate can extend toward $1.5820/25 ahead of $1.5840/50. Support $1.5755/50, a break to allow for a deeper move toward $1.5730/20 ahead of $1.5700/695. Stops remain on a break of $1.5690.
EasyForexNews Research Team