Closed in NY at $1.5615, just off session lows of $1.5613. Rate marked session highs into early Asia of $1.5626, as EUR/GBP was marked through Friday’s lows of stg0.7772 to stg0.7756 on early 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 trades around $1.5575 into early Europe, while the cross holds around stg0.7777. Sterling continues to perform well versus a generally softer EUR, though remains weak versus the USD. Light data calendar for the day with market moves to be headline driven with Greece and Spain woes to the fore. Cable support seen into $1.5565/50, a break below to open a deeper move toward $1.5515/00. Tech traders note that $1.5474 is 76.4% $1.5393-1.5735 and expected to provide support. A break turns attention toward that $1.5393 level, though while rate holds above leaves open the chance of a recovery. EUR/GBP has barrier interest at stg0.7750 (stg0.7752=E1.2900).
EasyForexNews Research Team