Opened early Europe at $1.5703, stg0.7862, GBP closed in NY at $1.5727, off intraday highs of $1.5745 with sterling getting a boost during Thursday’s session from the release of stronger than expected UK retail sales data, with risk appetite seen in NY providing additional buoyancy. Rate edged to an early high in Asia of $1.5739 before turning lower, the break under NY pullback lows at $1.5727 extending the move before meeting support into $1.5700 (76.4% $1.5689-1.5745). Downside pressure remained in place into early Europe with early traders probing for stops under $1.5700. However, rate touched a low of $1.5699 before bouncing back, the rate trading up to $1.5730 as rate tried to track euro-dollar’s early rise. Euro-sterling broke out of its stg0.7850/66 Asia range to stg0.7875 which countered cable’s recovery effort with rate settling back between $1.5705/25 for the balance of the morning, trading around $1.5717 ahead of NY. Offers placed ahead of $1.5750 so far counter any further upside progress, with most traders’ reports looking to sell into cable rallies.
EasyForexNews Research Team