Closed Thursday at $1.5943 after recovering off a pullback low of $1.5919, seen after the yen corrected earlier losses ahead of the today’s Japan holiday and the weekend. Cable squeezed to an early low in Asia of $1.5936 before it recovered, the move up seen in line with euro-dollar, which in turn again took direction in Asia from euro-yen action. Cable traded to an initial high of $1.5951, dipped to $1.5945 before picking up stronger demand that lifted it on to $1.5955 ahead of the European open. Euro-sterling, which had been driven to highs of stg0.8086 Thursday, consolidated the move through Asia within a range of stg0.80755/ 0.80825. Little on the domestic calendar in the UK with moves expected to come from euro-dollar moves, though with the US working a half session today expect another subdued trading session into the afternoon. Cable offers seen placed between $1.5955/65 (61.8%/76.4% $1.5978-19), a break to open a move back toward $1.5980. Bids noted now from $1.5920 through to $1.5900.
EasyForexNews Research Team