Closed in NY at $1.5511 after rate was pressed to intraday lows of $1.5504 as EUR/GBP extended its recovery to stg0.8107 from Wednesday’s pullback lows of stg0.8012. Recovery off that low extended to $1.5522 in early Asia before rate reversed tack and moved down to retest Thursday’s lows as rate took direction from the early corrective pullback in EUR/USD. Rate recovered, stepping its way to an overnight high of $1.5531. Offers seen in place to $1.5550, a break to open a move toward $1.5567 ahead of stronger interest at $1.5590/00. Traders have suggested that a break above the $1.5601 level seen needed to boost further upside potential. Support seen back at $1.5505/00 ahead of $1.5480. EUR/GBP traded between stg0.8096/0.8106 as it consolidated Wednesday’s recovery. Resistance in the cross seen between stg0.8110/20, more between stg0.8135/40 ahead of the post Spain bailout react high Monday of stg0.8163. Talk of stops stg0.8155 and stg0.8170. No domestic data today, BOE King and Chancellor Osborne speak later. Continued position adjustments ahead of weekend Greek election to drive.
EasyForexNews Research Team