Closed in NY Thursday at session lows of $1.6044, the rate having slipped in tandem with euro-dollar on the premature release of Google earnings that missed targets. Cable was tied to a very narrow $1.6041-66 Asian range with very little action to excite the pair as traders look to headlines from todays EU summit for further direction. Strong support seen on the downside at $1.6040 with stops set, through here opens techs at $1.6014 (Former Jun 18 resistance line – now support), ahead of strong bids into $1.6000. The cross capitalised on sterling weakness in the NY afternoon yesterday and spiked to stg0.8146, offers sitting ahead of stg0.8150 capped moves. Profit take supply and traders squaring positions ahead of the weekend weighed on euro-sterling in early Asia, the rate slipped to stg0.8137 and settled in a tight range. Support seen on the downside at stg0.8120, ahead of techs at stg0.8113/0.8111 (5 & 200 dma’s).
EasyForexNews Research Team