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Sterling traded in a tighter range in a quiet Friday's trade

Friday, Oct 23 2015
There were no major data releases from the UK today, with British pound being traded in a tighter range. Sterling was pushed lower in the course of yesterday's session, mostly due to dovish ECB stanzas indicating that more stimulus is coming in future. However, we believe that this is only of a short-term basis, since recent UK data was positive, especially yesterday's Retail Sales figures that showed 1.9% increase, beating forecasts on 0.3% incline.
 
“Retailers are now readying themselves for Black Friday and finalizing their preparations for Christmas, and it’s clear from my conversations with clients that there is a growing optimism in the industry, with retailers increasingly hopeful that higher levels of disposable income resulting from recent drops in food and fuel prices will lead to a positive outcome in the season ahead.”
 
Sterling was pushed higher after the data and is currently being trade around 1.5380 handle. Pair is likely to find support around 1.5320 level and resistance above 1.54300 area. There will be no major data releases later in the session.
Last modified on Friday, 23 October 2015
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