Closed in NY at $1.5682 after rate had recovered off intraday lows at $1.5662 to $1.5702. Rate took direction from EUR/USD in Asia, initially easing to $1.5674 before recovering back to $1.5690 as early Tokyo demand for EUR/JPY demand influenced. As that demand faded so cable drifted lower, moving below its early lows and extending on to $1.5665 before settling between $1.5665/70 into early Europe. EUR/GBP pivoted around stg0.7840 through the overnight session, consolidating Wednesday’s extended dip to stg0.7824. UK retail sales data (0830GMT) to provide the morning focus. Negative UK data seems to have been priced in of late with more reaction coming from surprise positive releases. Cable support said to remain in place from $1.5665 through to $1.5650, a break to open a deeper move toward $1.5635/30 ahead of $1.5610/00. Resistance remains at $1.5700/05, a break to allow for a move toward $1.5715 and stronger interest at $1.5730.
EasyForexNews Research Team