Opened early Europe at $1.5595, stg0.8022, 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 EUR boosted the pair through offers to print $1.5599 highs, later settling around $1.5590. EUR/GBP lifted in early Asia and the cross tracked EUR/USD higher to print stg0.8029 where the pair stalled amid light flow. Into Europe and cable lifted through $1.5600 where the rate met supply from range players, the pair then bounced on a short squeeze in EUR/GBP, before meeting German name offers and easing to $1.5605. Sharp losses were then seen after German Government sources reported that no decisive action will be taken at the key EU meeting. Cable collapsed through stops to $1.5527, before nudging higher to $1.5537 as traders note any recovery attempts seen shallow. EUR/GBP pressed to stg0.7986 lows.
EasyForexNews Research Team