GBP closed in NY at $1.6021 after rate had extended Wednesday’s post BOE Minutes induced rally to $1.6043. Trade through the overnight Asian session was contained within a $1.6015/35 consolidation range. EUR/GBP, which had seen lows of stg0.8174 Wednesday, consolidated the break below stg0.8200 between stg0.8183-0.81905. GBP eased in opening Europe trade, retesting overnight lows before recovering back. The move up gained momentum as a UK clearer leaned into EUR/GBP, taking it through stg0.8170 to trip stops and take it to stg0.81645. This move drove cable through the April2 high at $1.6063 and on to an eventual high of $1.6078. Asian sovereign sales were seen into the rise, the main selling linked to protection of a $1.6100 barrier. Rate then sank back to $1.6045 as the EUR/GBP sell order concluded, the cross edging to fresh intraday highs of stg0.8194, but fresh demand into the dip allowed cable to hold back above $1.6050 ahead of New York, and the cross to ease to stg0.8180. BOE Posen speaks at 1700GMT.
EasyForexNews Research Team