Cable closed in NY at $1.5715 with rate squeezed to an early low into Asia trade of $1.5695 as rate was influenced by the EUR/USD move lower, in turn led by EUR/JPY sales. Cable recovered, in line with EUR/USD, to $1.5724 before upside momentum faded. Rate dipped to $1.5707 before retesting highs ahead of the European open. Fresh sales into Europe pressed rate back to $1.5705, but move again met decent demand interest ahead of $1.5700 which kept it buoyed. EUR/GBP consolidated its rejection away from Thursday’s recovery highs of stg0.83505 between stg0.8323/31, with early pressure on the euro taking rate to eventual lows of stg0.8302 on reported Swiss name sales (suggested to be linked to sterling-yen demand). The move lower in the cross lifted cable to $1.5733 before it stalled, traders aware of sell interest between $1.5740/50. Cable was holding around $1.5720, the cross around stg0.8307 ahead of the NY open. Focus on GBP/JPY weekly close, currently holding above its weekly cloud top.
EasyForexNews Research Team