Closed in NY at $1.5913, after recovering off a late pullback to $1.5902. Rate extended this recovery into early Asia, the rate pushing to early session highs of $1.5933 before momentum faltered. Rate then drifted lower through the balance of the session, touching a low of $1.5908 ahead of the European open, with rate holding heavy as Europe trade gets underway. EUR/GBP was held around stg0.8000 in a range denoted by stg0.7992-0.80085, with this rate nudging toward the highs in early Europe. Cable has consolidated its post BOE Inflation Report losses (traded to a low of $1.5889 Wednesday) within a range of $1.5900/50. BOE Weale the only domestic item of note on today’s calendars (1100GMT) with main attention remaining on the fallout from Greece. Cable demand remains into $1.5900, a break to expose Wednesday’s low at $1.5889, with demand seen from here through to $1.5880. Stops remain below $1.5875/70. A break opens a deeper move toward $1.5850 and $1.5810/00. Resistance $1.5930/35 ahead of $1.5950/65 ahead of stronger interest from $1.5986 through to $1.6000.
EasyForexNews Research Team