Closed in NY at $1.5726, after its late recovery extended to a high of $1.5757 (76.4% $1.5802-1.5615). Rate eased to $1.5718 ahead of the session close. Rate nudged up to $1.5728 in opening Asian trade only to meet strong sell interest that squeezed rate down to lows of $1.5710. Move met willing buyers into the dip allowing rate to recover through the balance of the session to a high of $1.5732, extending to $1.5736 into early Europe. EUR/GBP was restricted within a tight stg0.80575-0.8069 range in Asia, opening Europe around stg0.8060. Cable resistance seen initially at $1.5746 (76.4% $1.5757-10), a break to expose Tuesday’s high at $1.5757. Offers seen into $1.5760, a break to open a move toward $1.5780/85 ahead of post Greek election highs of $1.5802. Support remains at $1.5710/00. Focus today on employment data, though this will be overshadowed by BOE Minutes, with most expecting two dissenters from the unchanged rate/QE decision. FOMC later tonight in turn seen as the main general market focus, with traders hoping for some expansion in the Fed balance sheet.
EasyForexNews Research Team