Opened early Europe at $1.5652, stg0.8005, GBP closed in NY at $1.5669 after recovering off a late pullback low of $1.5648. Rate tracked EUR/USD moves, pushing up to an early
session high of $1.5674 before reversing to retest that NY low, while EUR/GBP was contained by stg0.80005-0.8011. GBP retained a negative feel into early Europe, extending lows to $1.5647 before getting pulled higher by EUR/USD strong short covering led rally. EUR/GBP broke out of its Asian range, moving to an eventual high at stg0.80455 (stg0.8046 76.4% stg0.8061-0.7997) before faltering. However, the move up did provide a counter to cable’s recovery efforts, this rate fading as it touched $1.5686 ($1.5687 50% $1.5727-1.5647) before sinking back to $1.5653 then settling above $1.5660 as the cross eased off to stg0.8033. US holiday Monday made for subdued trading conditions, with most interest seen in euro short covering ahead of the long weekend.
EasyForexNews Research Team