Both the Euro and GBP recoup a large chunk of lost ground.
July 26, 2012 Leave a comment
Euro/USD: The Euro improved impressively today and after an early period of consolidation centred around the 1.2140 area, values rallied sharply starting late morning. This saw prices accelerate to high point of 1.2330 prior to fresh resistance being encountered and where profit taking trimmed gains to finally close in the 1.2297 zone.
GBP/USD: The GBP recouped a lot of lost ground today and after tracking sideways for the early part of the morning session between 1.5505 and 1.5470 prices broke decisively to the upside and accelerated to a peak of 1.5724 ahead of renewed resistance being encountered. End of day book squaring etc trimmed gains and the European session finally closed at 1.5684.
Euro/JPY: With early Euro weakness failing to break key support in the 9465 area the short lost patience and the bull were encouraged once again. This buying forced the market sharply higher with little resistance being uncovered until the 9644 region with the European day closing just beneath here at 9617.
GBP/Euro: A rather choppy sideway performance today with GBP weakness being cushioned by support in the 1.2720 area and rally attempts being capped by resistance at 1.2797. This consolidative session finally closed at 1.2763.