The pound to euro exchange rate is 0.095% higher on the day with 1 GBP = 1.1507 EUR. The pound to dollar exchange rate is 0.044% higher with 1 GBP = 1.5974 USD. The pound to Australian dollar exchange rate is 0.145% lower on the day with 1 GBP = 1.5066 AUD. "The moves in sterling and the euro gave another boost to GBP/EUR which took it back towards 1.1500. At 1.1483 this morning all eyes are on the 200 day moving average which in the past month has proved very stubborn resistance. A break above 1.1500 could open the wave for 1.1600," says a morning currency note from Simon Denham at Capital Spreads. The pound dollar exchange rate managed to get itself back above the 1.6000 level yesterday but this morning it hasn’t been able to hold on dipping back below to 1.5965. Sterling didn’t do too badly out of the BOE meeting as the very slim chance of further QE did not materialise. Support and resistance levels for cable are seen at 1.5915/5875 and 1.6075/6140 respectively. Looking at the euro we see the next big news event being a deadline for banks to declare non-binding interest in participating in Greek debt exchange. The Holders of Greek government bonds need to indicate their (non-binding) intention to participate in the proposed debt exchange. "In our view, the relatively generous offer for bondholders under the proposed exchange would justify a high participation rate, possibly close to the minimum threshold of 90% required for the deal to take place. The official dates for the debt exchange are yet to be determined by the Greek authorities - but it is expected to commence in the second half of September and to be completed in October," say Barclays Capital.

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