Sterling holds onto gains against the Euro and US Dollar
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
Sterling looks set to finish the week close to the highs against both the US Dollar and the Euro. This will be the second consecutive week where the pound has strengthened against the single currency and the greenback.
Against the Euro, sterling has tried on numerous occasions to break back above the 1.20 resistance level. A clean break of this level could see a swift move high initially to 1.2085, potentially further to the 1.22 level.
Against the US Dollar, sterling seems to be bouncing back, since trading down to 1.4554 just over 2 weeks ago. On Tuesday, sterling smashed through resistance around the 1.5250 region against the greenback. Since then the pound seems to have entered a consolidation phase happily flirting with the 1.54 level.
This morning we have seen consumer confidence data which unexpectedly seems to have improved slightly.
Friday 28 November 2008, 11:42am
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