Cable closed in NY at $1.5865 after rate had recovered off a late NY session low of $1.5818. Rate eased into opening Asian trade, the rate marking lows at $1.5852 before picking up fresh demand that saw it move up to an overnight high of $1.5880 ahead of the European open. Moves continued to be generally dictated by EUR/USD moves as EUR/GBP was contained within a tight stg0.82425/0.82475 range in Asia, widening out to stg0.8240/50 in early Europe. Cable moved higher in tandem with EUR/USD in early Europe, moving above resistance at $1.5900/10 before spiking on to $1.5930 as EUR/USD was driven through a large offer at $1.3120 to $1.3132. Corrective pullbacks in both pairs saw cable slip to $1.5885 before fresh demand emerged, as the cross extended lows to stg0.8239, but a bounce back to stg0.8254 restricted cable’s recovery to $1.5915. Cable dropped back to $1.5880 before settling back above $1.5900 ahead of New York, while the cross extended highs to stg0.8255 before easing back around stg0.8250.
EasyForexNews Research Team