Closed in NY at $1.5650, off recovery highs at $1.5672, with rate marking highs into early Asia at $1.5651 before tracking EUR/USD corrective pullback. Rate eased off to $1.5627 though the corrective move was not as deep as seen in EUR/USD which allowed EUR/GBP to ease off highs at stg0.8344 to stg0.8333. GBP had struggled to make gains Tuesday, cable attempts to move higher were met by strong demand for EUR/GBP which hampered, the cross edging to a high of stg0.8372 before drifting lower. UK data concentrated around 0930GMT with CIPS construction survey and lending data the highlight. GBP support seen at $1.5627 with interest extending to $1.5620. A break here to allow for a deeper move toward $1.5605/1.5595 with stops placed on a break of $1.5590. Resistance seen from the overnight high at $1.5651 through to $1.5661 (76.4% $1.5672/27), a break to open a move back toward $1.5672, with offers seen from here and extending to $1.5680. EUR/GBP has eased below its stg0.8333 Asian base to stg0.8326 in Europe. Support stg0.8320, stg0.8305/00, stg0.8285/80.
EasyForexNews Research Team