Opened early Europe at $1.5370, stg0.8034, GBP closed in NY at $1.5406, having seen pressured lows in this session of $1.5360. Rate came under fresh sell pressure into early Asia, with rate pressured down to session lows of $1.5365 as it tracked the sell off in EUR/USD. EUR/GBP consolidated Thursday’s end of month rally to stg0.8035, with trade overnight contained within stg0.80175-0.80375. Cable recovered to $1.5395 before turning lower, the rate opening europe around $1.5370 and continued to get pressed down, breaking under $1.5360 to extend lows to $1.5340, as the cross edge higher to stg0.8060. Sterling came under stronger sell pressure ahead of UK PMI release, a barrier at $1.5330 targeted and taken out as rate eased to $1.5320. Much weaker than forecast UK PMI data dropped rate to $1.5289, as data suggested a higher likelihood of an increase in QE, eventually grinding down to $1.5269. The cross extended highs to stg0.8079 before getting rejected, easing back to stg0.8050 which allowed cable to edge back above $1.5300 ahead of the NY open.
EasyForexNews Research Team