Closed in NY at $1.5526, off late NY recovery highs of $1.5535 after rate had seen lows earlier in the day at $1.5470 ($1.5462 post NFP Friday). Rate edged back to retest NY highs in early Asia before turning lower, the rate taking direction from EUR/USD as the cross was restricted to a tight stg0.79245-0.7934 range. Cable traded to a low of $1.5500 before recovering, the rate pushing back to $1.5520 into Europe before settling back between $1.5500/10. UK IP data due for release at 0830GMT and seen as the last key release ahead of UK Q2 GDP Jul 25. Cable offers remain into $1.5535, a break to open a move on toward $1.5550/55 ahead of $1.5580. Support seen at $1.5500, a break to expose area of Europe/NY lows at $1.5472/82 respectively. Further demand noted at Friday’s NY low at $1.5462 ahead of stronger interest into $1.5450. For the cross, support remains at stg0.7916 with stronger demand remaining toward stg0.7900 barrier interest, with a further barrier noted close behind at stg0.7890. Offers stg0.7935, with stronger interest remaining in place to stg0.7950.
EasyForexNews Research Team