GBP/USD Analysis

The pair closed in NY Wednesday at $1.4929 after rate had recovered off its extended low of $1.4893. Cable had eventually succumbed to the downside pressure from euro-dollar, having enjoyed buoyancy toward $1.5100 through the earlier part of the week from euro-sterling slippage. However, as the cross bounced back from its Wednesday low of stg0.70145 (trading up to stg0.70845 in NY) so cable moved below $1.5000, before posting fresh 2015 lows (through $1.4952). Euro-sterling did pullback to stg0.7051 during the NY afternoon before closing the day at stg0.7065. Cable initially edged to $1.4941, marked lows at $1.4912 before it recovered through the Asian afternoon to $1.4950 ahead of Europe. The cross initially kept to a tight range around stg0.7060 before it was pressed down to stg0.70355, recovering back to stg0.7050 into Europe. UK trade data at 0930GMT provides the morning’s domestic focus with main interest remaining on euro activity. Greek discussions ongoing and could produce further negativity for the single currency. US retail sales and weekly jobless claims provide the afternoon’s interest.