In the UK, a weaker than expected CPI figure and increased speculation about further quantitative easing by the BOE has seen the currency remain heavy in the past few trading sessions. The opportunity exists for a short EURGBP trade at levels above 0.8330 looking for a retracement back to 0.8280 in the coming sessions. We expect the EUR to resume its accelerated decline against the GBP. In the GBP, the main resistance remains at 1.5590 while support is strong at 1.5270. Overall the trend remains bearish and we expect a range of 1.5290 to 1.5390 in the New York session.
