Another quiet Asian session for cable, the rate closed Wednesday in NY at $1.5570, recovering from pullback lows of $1.5545 after the
London fixings. The rate lifted around the Tokyo fix to $1.5585, before meeting resistance from US names. Rate bounced and a squeeze in the euro boosted the pair through offers to print $1.5599 highs, later settling around $1.5590. EUR/GBP closed in NY at stg0.8010 after consolidating earlier gains. Demand was seen in early Asia and the cross tracked EUR/USD higher to print stg0.8029 where the pair stalled amid light flow. Cable resistance seen at $1.5600, a break to more offers at $1.5635/40, stronger at $1.5650/55 ($1.5651 – 26 Jun high) with stops set. Technical support seen at $1.5549 from the 21 Day MA, ahead of $1.5545/39 (27, 25 Jun lows). EUR/GBP resistance at stg0.8030, stronger behind at stg0.8040. Light calendar for the UK Thursday with highlights from Q1 Current Account and GDP data released at 0830GMT.
EasyForexNews Research Team