The pair failed to benefit from yet more reports that the ECB is considering informal, flexible targets for yields on shorter-maturity bonds and settled the session little changed. The lacklustre price action was largely due to the fact that there was a market holiday in the UK which severely depressed trade volumes. In addition to that, any positive news were somewhat offset by the release of less than impressive German IFO. In terms of technical levels, supports are seen at 1.2481/31 and then at 1.2581/90 and then at 1.2608.
The pair settled the session little changed, with low trade volumes the main reason behind the muted price action. Hometrack commented that Britain's property market remains under pressure as the economy struggles to recover from recession and the Euroarea crisis drags on. Hometrack expects to see slow downward pressure on prices for the remainder of 2012. In terms of technical levels, supports are seen at 1.5765 and then at 1.5718 which is the 30DMA line. On the other hand, resistance levels are seen at 1.5869, 1.5912/33.
The pair was range bound for much of the session, with trade volumes below average given the market holiday in the UK. There was little in terms of Japan specific commentary and instead the price action remained a by-product of risk on/off news flow relating to the sovereign debt crisis. In terms of technical levels, supports are seen at 78.45/36 and then at 78.16. On the other hand, resistance levels are seen at 79.12 and then at 79.14.