Opened early Europe at $1.5706, stg0.8090, GBP extended gains Friday to $1.5724 with the weekend Greek election result spiking the rate to an extended high of $1.5802 before the early react enthusiasm faded and allowed rate to slip back to $1.5692,
settling between $1.5695/1.5715 ahead of Europe. EUR/GBP, which had been pressed to lows Friday of stg0.8050, recovered to stg0.8111 as the euro was provided with a stronger recovery on the Greek election news, this rate easing back to stg0.8090 into early Europe. GBP tracked early EUR/USD moves, eventually getting squeezed lower as EUR/USD early buoyant tone faded and the technical gaps left by the weekend Greek election news targeted to be filled. EUR/GBP tracked the EUR/USD move as cable met decent support at $1.5650, the cross extending its corrective pullback to stg0.8057 and was holding heavy ahead of NY. Cable was holding back around $1.5665 in late morning trade.
EasyForexNews Research Team