Closed Monday’s session at $1.5851, having been confined through the session between $1.5844/80 leaving EUR/GBP to track EUR/USD recovery on optimism concerning the result of the Eurogroup Greek debt negotiations. Rate eased to a low of $1.5810 into Asian trading, as rate tracked early EUR/USD slippage as the Eurogroup debate extended over time. Rate recovered to $1.5859 on announcement that a deal had been agreed, though reaction was muted as EUR/GBP spiked up from lows of stg0.8341 to stg0.83835. Cable eased back to $1.5830 before recovering to retest highs into the European open. However, the recovery met willing sellers into this session that have taken it back to $1.5845. Bids seen in place at $1.5845/40, a break to open a deeper move toward $1.5825/20 ahead of the overnight low at $1.5810. Offers seen from $1.5859 through to $1.5865, a break to allow for a retest of $1.5880. Through here and rate can extend recovery toward $1.5900 ahead of $1.5930. EUR/GBP offers to stg0.8385, stronger between stg0.8400/10. Support stg0.8340.
EasyForexNews Research Team