GBP 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 trade, as it tracked early EUR/USD slippage as the Eurogroup debate extended into overtime. 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 to $1.5830 before recovering to retest highs into the European open. Rate settled between $1.5835/60 for a couple of hours, with moves tracking EUR/USD as the cross remained within its overnight Asian parameters. Rate extended highs to $1.5865 late morning, as EUR/USD retested the $1.3290 area, only to drop back in tandem to $1.5810 before meeting fresh demand. Rate was seen closing the morning session around $1.5825 ahead of the NY market return after its long weekend.
EasyForexNews Research Team