The pair recovered off European lows of $1.5679 on Wednesday with a sharp move back through $1.5700, which later spiked to $1.5770 in early NY. Euro-sterling’s corrective pullback and subsequent break of stg0.7900 provided fresh momentum to briefly make a show above $1.5800, before light profit take sales eased into the NY close. The Asian session witnessed extremely light volumes and narrow range trade ahead of the US Thanksgiving Day holiday. After opening at $1.5790 the pair encountered fresh demand interest with a move to $1.5801, however with lack of follow through pared early gains. Losses extended in tandem with euro-dollar to $1.5778, before a wave of dollar unwinds for month-end provided support with a bounce to $1.5790. Tech resistance is is seen at $1.5811 (23.6% of $1.6525-1.5900), a break opens offers on approach to $1.5820. Euro-sterling was contained within a narrow stg0.7915-22 overnight range and lacked direction. Offers are reported to cap the topside into stg0.7950.
