The pair closed in NY Tuesday at $1.5253 after rate had recovered off European morning lows of $1.5197 to $1.5276(post London fix), before it drifted off to $1.5247 through the NY afternoon then recovered into the close. Trade through Tuesday was mainly influenced by headlines concerning Greece. Expect more of the same Wednesday with attention on this afternoon’s Eurogroup meeting (Greece proposals and discussion) though most expect more to come from Monday’s Feb16 EU Summit. Late NY recovery continued into Asia with rate able to edge to a high of $1.5268(76.4% $1.5276-47) before momentum faded and it eased off to $1.5240 through the Asian afternoon and ahead of Europe. Euro-sterling, which had seen lows Tuesday of stg0.7409, consolidated between stg0.7416/28 through Asia, holding toward the top end of that range into Europe. A light domestic data calendar today with attention on Thursday’s BOE QIR. Cable resistance seen at $1.5268 (Asia high) then $1.5276 (Tues high), a break to expose $1.5295/1.5305. Support $1.5240 ($1.5237-27 50%-61.8% $1.5197-1.5276) ahead of $1.5210-1.5195. Euro-sterling demand stg0.7410 through to barrier interest at stg0.7400. Large stops below stg0.7395. Resistance stg0.7440/50
