Closed Monday at $1.5472, the rate having extended recent lows to $1.5438 earlier in the day before taking out stops above $1.5500, then drifting off to $1.5457 ahead of the close. Rate extended this late recovery to $1.5480 into early Asia, but move lacked the momentum to retest the $1.5500/10 area, reversing to $1.5461 before recovering to $1.5475 into Europe. Moves basically tracked euro-dollar, the cross contained within a relatively tight stg0.86235/0.86325. Sterling remains on the back foot, recent released disappointing data along with sterling negative comments from BOE MPC members adding to the tone. For cable sell interest seen between $1.5510/20, stronger toward $1.5550, these levels suggested for fresh short opening. Stops noted above $1.5560. Bids seen at $1.5460/50, more toward Monday’s low at $1.5438 ahead of $1.5420 and barrier interest at $1.5400. The domestic calendar seen light, with moves to come from outside action, a returning North American market to also add influence. Euro-sterling offers remain into stg0.8650, bids into stg0.8600.
EasyForexNews Research Team