Cable closed in NY Monday at $1.5910, the rate recovered off pullback lows of $1.5898 in the US afternoon after earlier posting a high of $1.5918. Euro-sterling remained buoyed and consolidated above stg0.8050, after the rate recovered off early session lows of stg0.8022. Cable slipped to $1.5895 after the NY close on Moody’s downgraded of France by 1 notch to Aaa1, the rate sat heavy and ground further to $1.5891. The pair met support ahead of the 100 dma and tracked euro-dollar’s extended recovery back through $1.5900 to print $1.5920. The rate later stalled and headed into Europe around $1.5915. Euro-sterling slipped sharply to stg0.8026 on the French downgrade, before finding support ahead of bids into stg0.8020. Trade volumes continued light with the cross tied to a narrow stg0.8035-50 range.
EasyForexNews Research Team