Closed in NY at $1.5385, just off late recovery highs of $1.5388 with move up aided by EUR/GBP extending its corrective pullback off earlier highs of stg0.81405 to stg0.8089. Cable initially dipped back to $1.5375 before edging higher, the recovery led initially by EUR/USD. The move up was given a lift, as risk in general was boosted by the release of stronger than forecast Australian GDP data. Cable pushed to a high of $1.5433, though held off a retest of post NFP highs of $1.5440 seen Friday. EUR/GBP was taken back above stg0.81 in Asia, the rate correcting from stg0.8091 to stg0.81095, but opens Europe back round stg0.8099. GBP opens Europe around $1.5420. Cable offers seen placed from $1.5433 to $1.5440, more into $1.5450 with stops above. Stronger offers noted into $1.5465, a break to expose $1.5525. Support $1.5380/70. UK PMI construction data due for release at 0830GMT, though most attention will be placed on ECB rate decision and Draghi press conference today, ahead of BOE MPC decision Thursday. EUR/GBP offers stg0.8115/20, support stg0.8090/80.
EasyForexNews Research Team