Another quiet Asian session for cable, the rate eased to $1.5640 in late NY trade from earlier highs of $1.5648. Cable slipped in tandem with EUR/USD on the open to $1.5623, before recovering on dip demand from Asian names. Market volume seen light and the pair traded a tight $1.5628 – $1.5640 range for the remainder of the session. Offers seen on the topside at $1.5650/55 ($1.5651 – 26 Jun high), a break opens more into $1.5690, stronger behind at $1.5700. Initial demand at $1.5600, bids behind at $1.5575 ahead of $1.5540. EUR/GBP closed in NY at stg0.7990 and eased to stg0.7986 on the Asian open, before tracking EUR/USD demand to stg0.7998. The rate was unable to make a clean break of stg0.8000 and settled around stg0.7995 in light dealings. On the topside a break of stg0.8000 opens technical resistance from the 5 Day MA at stg0.8023, ahead of offers into stg0.8050. Support seen from the Asian low at stg0.7985, a break to stg0.7971 (30 May low). Light data calendar for the UK Wednesday with markets expected to react on headlines.
EasyForexNews Research Team