GBP closed in NY at $1.5890, off extended pullback lows of $1.5842, as well as finishing the session above its 200-dma at $1.5851. Rate marked lows into early Asia at $1.5885 before stepping its way higher through the balance of the session, the rate edging to an eventual session high of $1.5910 ahead of the European open. Early Europe extended this recovery to $1.5917 before momentum faded, the release of weaker than forecast Nationwide house data providing an early knock back to $1.5902. Fresh demand was waiting to buy the dip and took rate to an eventual extended high of $1.5934. Rally met semi official supply which knocked rate back toward $1.5800, with sales of EUR/USD pressing it down to $1.5885 though EUR/GBP dropping back to stg0.8351 diverted part of the pressure and provided cable buoyancy. Some talk of fix related sales of the cross to be seen, M&A related, which is also helping to buoy the pound. End month flows continue to dominate trade direction.
EasyForexNews Research Team