Opened early Europe at $1.5637 stg0.8335 GBP/USD 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 to $1.5627, though the corrective move was not as deep as EUR/USD allowing EUR/GBP to ease off highs at stg0.8344 to stg0.8333. GBP settled between $1.5630/45 ahead of the European open with middle eastern demand into the session allowing rate to spike up to $1.5665 while the cross dipped back to stg0.83165. Sharp recovery in the cross, which took this rate to stg0.83475, took cable down to $1.5615, recovering above $1.5620 ahead of CIPS data. The construction survey came in better than forecast and aided rate’s extended recovery, allowing it to settle between $1.5645/65 into late morning trade as the cross eased back to stg0.8330. Protection of barriers at stg0.8300 and stg0.8280 seen helping to cap GBP gains for the time being. Late morning EUR/USD sell off took cable down to $1.5599 as the cross again met support around stg0.8315.
EasyForexNews Research Team