A very quiet Asian session for cable, the rate closing Monday in NY at $1.5565, before bouncing to $1.5580, then settling between $1.5568/88 for the remainder of the session. Rate trades flat around $1.5580 in early Europe. EUR/GBP closed in NY at stg0.8027 and lifted to an early session high of stg0.8038, before paring gains throughout the session to stg0.8026. Cable technical resistance seen at $1.5609 from the 5 Day MA, behind here and strong interest seen placed through $1.5620/40, stops above $1.5650. Support seen into $1.5550, a break opens a deeper move towards $1.5525/20 ($1.5523 – 50% retracement of $1.5269 – $1.5778). EUR/GBP demand seen at stg0.8020, through here and support from the Jun 12 low at stg0.8012, ahead of bids into stg0.8000 with stops set. Light data calander for the UK Tuesday with markets expected to react on headlines.
EasyForexNews Research Team