Opened early Europe at $1.5725, stg0.7812, GBP closed in NY Friday at $1.5748 after rate had recovered from earlier Asian lows of $1.5666 to $1.5768. Rate touched an early high into Asia of $1.5750 before turning lower in tandem with EUR/USD, the rate squeezing to an eventual session low of $1.5712 before settling around $1.5720 into the European open. EUR/GBP, which had experienced volatile swings Friday, trading to a low of stg0.7800 on fix related flow before spiking to stg0.7873, closing the week around stg0.7820. The rate in Asia saw an early low of stg0.7807 before recovering to stg0.7827 then settling around stg0.7820. Cable continued to track EUR/USD into Europe, the rate squeezed to early extended lows of $1.5701 before breaking down to an eventual low of $1.5673. Reported demand was reported in place to $1.5670 which provided the main cushioning. Cable recovered back above $1.570 late morning, only to get knocked back below on release of weaker than forecast CBI retail data. Cable support remains at $1.5670/50, resistance $1.5720.
EasyForexNews Research Team