Opened early Europe at $1.5576, stg0.7778, GBP closed in NY at $1.5615, just off session lows of $1.5613. Rate marked session highs into early Asia at $1.5626, as EUR/GBP was marked through Friday’s lows of stg0.7772 to stg0.7756 on early general euro pressure. GBP then turned lower, moving down to an eventual low of $1.5568, as the cross recovered to stg0.77825, closing its Friday-Monday gap to stg0.7778. GBP came under fresh downside pressure into early Europe, breaking below its overnight low to $1.5548, as rate tracked EUR/USD break below $1.2100. GBP recovered to $1.5575, as the cross dropped back to stg0.7765, but strong sterling sellers
emerged to take the cross back toward its overnight high, breaking above and moving on to stg0.7796. This move pressed cable down to $1.5533, where it met decent demand. Rate recovered to $1.5550/55 before turning lower again late morning to extend lows to $1.5528, though so far missing out tripping stops sub $1.5525. Wednesday release of UK Q2 GDP seen key.
EasyForexNews Research Team