Closed in NY at $1.5510, off late recovery highs of $1.5532 after rate had seen lows on the day of $1.5486. GBP moves during the session were seen mainly driven by EUR/GBP as the cross recovered from recently posted 44-month lows at stg0.7756, edging to stg0.7928 before consolidating this move in Asia between stg0.78075-0.7817. GBP in Asia was contained by $1.5509/36, holding just under $1.5530 into early Europe. UK BBA loans data due for release at 0830GMT in an otherwise light domestic calendar today with focus set on Wednesday’s release of 2Q GDP data with most expecting a negative headline number around -0.2%. Sterling to again take main direction on the day from EUR/USD activity, which in turn is seen headline led as traders await developments concerning Greece and Spain. Cable demand seen at $1.5486 with interest extending to $1.5474 (76.4% $1.5393-1.5735) and stops noted in place on a break of $1.5470. Resistance seen at $1.5545/50, a break to open a move on toward $1.5580/85. For the cross, offers noted at stg0.7825 ahead of stg0.7845/55. Support seen at stg0.7800-0.7790.
EasyForexNews Research Team