Opened early Europe at $1.5663, stg0.7848, GBP closed in NY at $1.5673 after settling between $1.5665/85 through the NY afternoon, this after rate had recovered from earlier lows of $1.5625 to the NY high of $1.5698. Rate marked early highs into Asia at $1.5675 before tracking EUR/USD lower (while EUR/GBP was contained within stg0.78425-0.7848), touching a session low of $1.5656 before recovering to retest the early highs before settling between $1.5660/70 into Europe. GBP tracked EUR/USD early recovery rally, eventually clearing the $1.5675/80 area of sell interest before marking highs at $1.5691. Rate eased away from the highs, continuing to take direction from EUR/USD, before meeting support at $1.5667. Bids took rate back to $1.5675/80 into UK PMI release. A weaker than forecast release dropped rate to $1.5661 on the initial react, with second wave sales taking it to $1.5620, while EUR/GBP spiked to stg0.7875. Cable bounced to $1.5656 in line with EUR/USD recovery, having been knocked by ECB Weidmann negative comments.
EasyForexNews Research Team