Closed in NY at $1.5637 after rate had been pressured to intraday lows of $1.5603 with recovery to $1.5646 through the rest of the session seen laboured as it trailed EUR/USD stronger correction. This in turn allowed EUR/GBP to break back above stg0.84, marking a high in NY at stg0.8417. Rate recovered off the early Asia low, extending its recovery to $1.5662 as rate tracked an extended EUR/USD recovery, with EUR/GBP able to extend its recovery to stg0.8424. GBP found support between $1.5635/40 on pullbacks, with the $1.5660/65 area continuing to cap. Above here and further offers seen at $1.5674 (76.4% $1.5696/03), a break to open a fresh test on stronger resistance area between $1.5690/00. Support remains in place toward $1.5600, the failure to push below Monday sparking suggestions that the figure holds barrier interest. Interim support remains at $1.5640/35. The cross opens Europe back at stg0.8415, the move to stg0.8424 having cleared short term spec shorts, entered ahead of stg0.8400. Offers seen at stg0.8425/35, stronger at stg0.8450/55. Bids stg0.8400.
EasyForexNews Research Team