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Sterling down in a quiet Friday trade

Friday, Jun 26 2015
There were no data releases from the UK today, with Sterling spending a steadier session. It is in general uneventful week with UK data so traders are more focused onto global concerns, primarily Greek debt crisis and possible Grexit, but also possibility of Britain leaving EU. It is worth noting that UK Prime Minister David Cameron’s upcoming discussions in Brussels over reforms before a possible future EU referendum could further weigh on investor sentiment towards the Pound.
 
Yesterday, pound saw its first green day after three days of steep falls. On the hourly chart GBP/USD became oversold and a brief corrective rally took hold. The pair moved up as high as 1.5769, but met strong resistance at the 200-hour moving average. This rise was despite data showing that US consumer spending underwent a sharp rise last month, recent figures revealed, with personal spending having jumped 0.9% in May. Still, this came following a particularly dismal report in April. Shoppers were enticed to spend again as weather in the US improved and wages continue to rise.
 
Sterling is currently being traded few points above 1.5720 level. Pair is likely to find support around 1.5660 area and resistance above 1.5770 level. Later today, in the US session, revised consumer sentiment figures are scheduled for a release.
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