Closed in NY at $1.6117 after rate had been pressured had been pulled up to $1.6118 as it tracked euro-dollar’s stronger recovery. This move allowed euro-sterling to retrace earlier losses, trading Monday down to stg0.8105, to stg0.8150 in NY. Cable extended its recovery to $1.6129 in early Asia, the rate continuing to track euro-dollar moves as the cross was contained within a tight stg0.8137/51 range. Cable eased to $1.6102, the move influenced by post Tokyo fix euro-yen sales, with recovery efforts capped at $1.6120. Cable was resting heavy on the late Asia posted lows at $1.6101 into early Europe, but demand into $1.6100 so far able to cushion. Below $1.6100 and rate can ease toward $1.6085/80, with stops below, a break to open a deeper move toward $1.6065/45. Resistance $1.6130 ahead of $1.6150/55 and $1.6190/1.6200. Euro-sterling offers stg0.8150/55, stg90.8170. Bids stg0.8125/20, stg0.8105/00. A light domestic UK calendar with moves to come from euro-dollar action.
EasyForexNews Research Team