Closed in NY Friday at $1.6033 after rate had powered higher to $1.6051 as it played catch-up on euro-dollar’s recovery and euro-sterling’s recent rise struggled to build above stg0.8100 (high Friday stg0.8108, closed stg0.8090). Cable consolidated Friday’s move in Asia with trade contained within a range of $1.6019/38, though rate was seen sitting heavy on the base of that range into Europe. Euro- sterling trade was contained by stg0.80825-0.8095, trading around stg0.8088 into Europe. Cable offers remain in place above $1.6050, with more seen around the Nov1 high at $1.6075 ahead of $1.6090/00. Support seen into $1.6000 with stops placed below $1.5990 (50% $1.5927-1.6051). Attention in the early p[art of the week will be on UK Q3 GDP first revision, due for release Tuesday. A very light data calendar today with focus on the Eurogroup meeting with direction to be provided by euro-dollar action.
EasyForexNews Research Team