Opened early Europe at $1.5670, stg0.7846, GBP closed in NY Friday at $1.5690 after spiking back from a low of $1.5570 to $1.5701. Rate consolidated this correction in Asia with trade contained within a relatively tight $1.5562/84 range, opening Europe around $1.5570. EUR/GBP opened Asia around stg0.7840 and tracked EUR/USD early move lower, retesting Friday’s lows at stg0.78285 before edging back to stg0.7847 and holding around stg0.7845 into Europe. GBP edged to $1.5681 in opening trade in Europe while EUR/GBP held a tight range around stg0.7840. GBP dropped back to extend the day’s lows to $1.5657 with recovery efforts countered as EUR/GBP tracked EUR/USD cross driven recovery. As EUR/GBP met resistance above stg0.7860 it allowed cable to edge higher again, though it still met decent resistance above $1.5680. Rate was trading back around $1.5665 ahead of the NY open. Moves remain cross driven going into US trade. A very light data calendar goring into the afternoon, with direction to be headline driven.
EasyForexNews Research Team