The rate closed in NY Friday at $1.5710 having consolidated modest gains seen throughout Europe. GBP headed higher on the Asian
open to $1.5692, before slipping in tandem with EUR/USD on profit take sales. Rate extended losses through the Tokyo fix to lows of
$1.5650 where the rate met strong demand and recoverd to $1.5665. Volumes seen light and the pair continued in a tight trading range ahead of the European open. EUR/GBP closed in NY at stg0.8080, off earlier session highs stg0.8094. The cross tracked EUR/USD moves, initially lifting to stg0.8072, before falling back to stg0.8055. GBP resistance seen at $1.5690/00, stronger behind at $1.5720 ahead of the 21 Jun high at $1.5733. Support at $1.5600, a break to technicals at $1.5575 from the 21 Day MA. EUR/GBP support at stg0.8040/35, ahead of the 5 Day MA at stg0.8027. Light calendar for the UK today with main highlights from PMI Manufacturing data.
EasyForexNews Research Team