GBP closed in NY at $1.6119 after rate had been pressured to a late session high of $1.6150. Rate traded the early part of Asia within a range of $1.6120/30 before getting pressed to a low of $1.6108, as EUR/GBP corrected its opening mark down from stg0.8185 to stg0.8176, before picking up fresh demand. EUR/GBP retained an underlying heavy tone into Europe, the rate able to survive a late NY show above stg0.8200. Rate was marked down from stg0.8185 to stg0.8175 into Asia, as the euro was seen generally under early pressure from weekend French election result and Dutch political concerns. Rate settled between stg0.8180/85 through the Asian afternoon. Fresh pressure on EUR/USD eventually took GBP below $1.6100, with EUR/GBP diverting some of the pressure. Further euro sales on poor German PMI took cross to stg0.81665, buoying cable along with real money demand. GBP struggled to break, then hold above, $1.6100, easing back to $1.6085 ahead of NY, while the cross lifted away from lows.
EasyForexNews Research Team