The pair closed Wednesday’s NY session at $1.5128 after seeing intra day recovery highs of $1.5147, dipping to $1.5099 before recovering through the NY afternoon into the close. Asia saw rate consolidate Wednesday’s recovery between $1.5115/40 before strong buying emerged into the Asian afternoon which has boosted the recovery to $1.5172 ahead of the European open. Offers seen placed into the May22 highs of $1.5175, a break here to expose stronger resistance between $1.5190/1.5200. Support seen back at $1.5125/15 ahead of $1.5100. Euro-sterling, which had seen highs Wednesday of stg0.8595 saw this recovery reversed through the ECB fix, which took it back to the stg0.8550 area in NY. Rate has traded through Asia between stg0.85495-0.8568 and seen favouring the bottom end of that range into Europe. Most expect end of month flows to boost this cross higher, but so far any related demand has been well accounted for. UK Nationwide house price data due for release at 0600GMT though focus for direction expected to be on end month flows.
