Opened early Europe at $1.6132, stg0.8040, GBP closed in NY at $1.6156, as rate pulled back from recovery highs of $1.6168. The corrective pullback continued through Asia as rate, initially marked highs at $1.6159, eased to a low of $1.6129 as it tracked EUR/USD slippage, with EUR/GBP diverting some of the pressure as it eased from early highs of stg0.8050 to stg0.8035. GBP settled between $1.6130/40 into Europe, getting a lift to $1.6156 in early trade. Rate reversed, initially on EUR/USD slippage before overtaking, the rate breaking under the Asian base , breaking under Monday’s lows at $1.6115 to trigger stops below $1.6110. The added momentum took rate down to $1.6099 before recovering back to $1.6110. EUR/GBP reflected the pressure on sterling, the rate breaking above stg0.8050 to stg0.8058. GBP retained a heavy tone ahead of the NY open with traders aware of decent sized stops placed below $1.6080. Despite the move lower in cable EUR/GBP continues to hold just off recently posted 42-mth lows of stg0.8035.
EasyForexNews Research Team