Closed in NY at $1.5872, the rate was unable to make a clean break of $1.5900 and ground lower throughout the afternoon session. Euro-sterling consolidated above stg0.8000 after the rate recovered off early session lows of stg0.7970. Cable opened flat in Asia with trade tied to a narrow range, before lifting in tandem with euro-dollar to $1.5880. Late dealings saw the pair extend to $1.5894 as risk appetite improved and Asian equities remained in positive territory. On the topside tech resistance at $1.5912 (38.2% of $1.5269-$1.6309, High Aug 23, Low Oct 23), a break opens $1.5939 (100-week moving average), ahead of offers at $1.5940/50. Euro-sterling had a quiet Asian session with trade stuck in a tight stg0.8001-13 range with tech resistance at stg0.8023 (55 dma), ahead of strong offers into stg0.8030. Traders look ahead to data release from the Unemployment report at 0930GMT, followed by the BOE Quarterly inflation report and Governor King’s press conference at 1030GMT.
EasyForexNews Research Team