Extended gains Friday to $1.5724 with the weekend Greek election result spiking the rate to an extended high of $1.5802 before the early react enthusiasm faded and allowed rate to slip back to $1.5692, settling between $1.5695/1.5715 ahead of the european open. EUR/GBP, which had been pressed to lows Friday of stg0.8050, recovered to stg0.8111 as the euro was provided by a stronger recovery on the Greek election news, with this rate easing back to stg0.80.90 into early Europe. Light calender today with most focus to be on European official reaction to the Greek result. BOE Minutes Wednesday also of interest this week as market tries to assess how close the Bank is to expanding QE, Miles and Posen seen as probable dissenters to the current mainstream no change rates/QE. Cable offers seen into $1.5720/25, more toward $1.5750. Support remains from $1.5692 through to $1.5680., a break to open a deeper move toward $1.5650/40.
EasyForexNews Research Team