Closed in NY at $1.5816, the rate having recovered off post UK retail sales data lows of $1.5770 to make a brief show above resistance at $1.5820 ($1.5822 NY high). Rate extended recovery to $1.5827, settling between $1.5810/27 through most of the overnight session before extending the base to $1.5807 ahead of Europe ($1.5806 trendline support $1.5806 hourly chart/38.2% $1.5770/1.5827). Bids seen placed into $1.5800, a break to open a deeper move toward $1.5785/80 (NY low $1.5785/$1.5783 76.4% $1.5770/827) ahead of $1.5770. Offers remain at $1.5827/$1.5831 (Asia high and 50% $1.5892/1.5770 respectively), a break to open a move toward $1.5850 ahead of $1.5860/65. A break here to expose Thursday’s high at $1.5892. EUR/GBP trade in Asia was contained by stg0.8340/49, the rate so far respecting those parameters into early Europe. BOE Financial Stability Review and BBA house lending data due at 0930GMT.
EasyForexNews Research Team