Euro recovers while the GBP comes under renewed downward pressure.

Euro/USD: An improved performance from the Euro today and after consolidating for a while in and around the area of the opening level of 1.2068 prices broke sharply to the upside and accelerated to a high point of 1.2170 at lunch time. Profit taking and fresh speculative shorting pushed the market a little lower with values finally closing in the 1.2126 zone.

GBP/USD: The GBP see-sawed sharply today with the morning’s rally meeting stiff resistance in and around the 1.5552 area from where values fell away sharply. Renewed buying interest entered the market at 1.5468 but subsequent recoveries again ran into a wall of selling at 1.5521 from where a new low for the day was posted at 1.5458 before finally closing at 1.5476.

Euro/JPY: Recent USD losses were corrected today and after consolidating briefly around the opening levels of 9433 the market rallied sharply. Little resistance was encountered until the 9520 region where profit taking trimmed gains and values finally closed the European session at 9483.

GBP/Euro: The GBP experienced further sharp corrective action today and with early strength being restricted by resistance in the 1.2863 area prices broke sharply to the downside with little support being uncovered until the 1.2730 region. A small bounce towards the close saw values finally close at 1.2761.