GBP closed in NY at $1.5815, just off session lows of $1.5813 after rate had pulled back from earlier highs of $1.5886. Rate posted an early Asian session high of $1.5818 before resuming its corrective pullback, trading through Thursday’s Asian low of $1.5794 to extend the pullback from recent highs of $1.5929 to $1.5782, with early Europe extending the move to $1.5767 (23.6% $1.5234/1.5929, Ichimoku cloud top). Trade in Asia basically tracked EUR/USD moves, as EUR/GBP was held a tight range of stg0.8394/0.8406. GBP recovered off lows, again in tandem with EUR/USD, before a decent sized GBP buy order allowed sterling to decouple, taking cable on to an eventual high of $1.5849, the cross down to stg0.8362. EUR/USD slippage, and the cross recovering back above stg0.8370, saw cable pare gains, following order exhaustion, with rate trading back before finding support above $1.5820. Market overall was seen subdued with Greek debt talk progress, the recent main driver, pushed back to the weekend and into next week.
EasyForexNews Research Team