Opened early Europe at $1.6185 stg0.8124, GBP Closed in NY at $1.6158, the rate marked down to $1.6122 into the Asian open in line with EUR/USD as the European single currency was pressured lower following the anti austerity election results in France and Greece. Cable managed to recover to $1.6138, as EUR/GBP eased from its an opening session high of stg0.8090 (NY low stg0.8099. IMF warning to Greece on reforms needed to gain the next tranche of aid acted to take EUR/USD to extended lows, cable dropping back to mark its lows at $1.6115, but EUR/GBP extending to stg0.8037 provided a diversion for the pressure. Cable settled between $1.6115/30 for the balance of the session before edging higher into early Europe, the recovery seen in line with EUR/USD as the cross settled around stg0.8055. Cable demand remains in place between $1.6115/00 with stops below. Resistance seen between $1.6150/60, a break to open a move toward $1.6180/85 ahead of $1.6200/10. EUR/GBP offers seen at stg0.8090/00, with demand remains at the overnight low of stg0.8037 ahead of stg0.8025/20 and defence of next barrier at stg0.8000.
EasyForexNews Research Team