Closed in NY Friday at $1.5818, after easing back from a late recovery to $1.5838. The corrective pullback continued into early Asia, the move down tracking EUR/USD moves, with rate touching a low at $1.5795 before recovering. Rate pushed up to a session high of $1.5840, as it continued to take direction from EUR/USD, though it trailed the euro’s stronger recovery, with EUR/GBP extending its recent recovery (off stg0.79505 May16) to stg0.80895. Cable settled between $1.5830/40 into the Asian afternoon before extending its corrective pullback to $1.5820, while the cross eased of its extended highs to open Europe around stg0.8075. Light domestic calendar for today but the week looks to Tuesday inflation data, Wednesday BOE Minutes, and Thursday’s second Q1 reading. Cable bids seen back at $1.5805/1.5795 with stops placed on a break of $1.5790. Next support seen at $1.5780 ahead of $1.5760/50 and $1.5735/30. Resistance seen at $1.5830/40 ahead of $1.5865/70. EUR/GBP offers seen at stg0.8090/00.
EasyForexNews Research Team