Closed in NY at $1.5330, the rate having recovered off traded lows of $1.5308. Rate consolidated its Wednesday sell off with trade through Asia contained by $1.5310/35, with rate trading toward the upper end of this range into early Europe. EUR/GBP extending its corrective recovery back above stg0.83 seen providing a counter weight with some seeing room for this pair to edge on toward stg0.8320/30. The cross extended recovery to stg0.8306 in Asia (NY high stg0.8296) off recent lows at stg0.8222 (Jan9). Cable offers seen placed initially around $1.5335, stronger into $1.5350/60 (23.6% $1.5487/1.5308-$1.5361 Dec29 low). A break here to open a move toward $1.5375/80 ($1.5376 prior low and 38.2%). Support remains in place toward a reported barrier at $1.5300, a break here sees rate opening room down to 2011 lows at $1.5270 (Oct6) ahead of next barrier at $1.5250. UK IP due at 0930GMT but BOE interest rate decision at 1200GMT to overshadow, though no change expected in rates/QE. ECB rate decision at 1245GMT, and following press conference at 1330GMT, of more interest.
EasyForexNews Research Team