GBP/USD Analysis

Closed in NY at $1.6007 after rate had recovered off pressured lows of $1.5975 to $1.6015, the rate edging back up from a late corrective pullback to $1.5982 into the close. Cable squeezed down to $1.5992 in early Asia before recovering to $1.6018, where it met decent resistance placed into $1.6020. Cable drifted off highs, trading to a session low of $1.5982 as yen gains dictated moves. Cable recovered in late Asia, moving up to $1.6008 into early Europe as yen pairs spiked higher on Japan Amari saying he regretted recent comments on the strength of the yen had be misinterpreted. Rate currently seen in a range of $1.5970-1.6030 with a break of either side to determine next direction. Short term studies suggest rate could try and correct recent losses though longer term studies keep further downside potential in view. A break of $1.6030 to open a move toward $1.6050/55 ahead of $1.6080. Through $1.5970 opens potential for $1.5915, with $1.5950 providing interim support. Euro-sterling maintained its break back above stg0.8300, seen in NY trade Wednesday, with trade in Asia contained within stg0.8300/16. This rate seen within a range of stg0.8265/60-0.8325/30.


EasyForexNews Research Team