Forex Market Update: EUR/GBP Tumbles to Fresh Trend Lows as British Pound Pares Losses From the Asian Session

GBP is range bound in quiet trade, with Cable trading in a narrow range close to the 1.6350 area. The pair came under pressure during the Asian session and fell from 1.6442 highs. A low of 1.6303 was noted in early Europe, with the dollar in the ascendency, but bargain hunting and GBP demand via EUR and JPY helped Cable out of its lows. EUR/GBP is heavy after it recorded lows of 0.8485 and GBP/JPY rallied from 160.00 to 160.80. Weak European equity markets should temper GBP demand, although there are expectations that today's 1.6395 option strikes could exert an influence in the absence of key market moving data.