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UK consumer confidence at the lowest level in over a year

Friday, Feb 26 2016
British consumer morale fell to its lowest in over a year in February as concerns over the economic outlook hurt sentiment, a survey showed on Friday. Market research firm GfK said its overall consumer sentiment indicator fell to 0 in February from +4 in January - its lowest since December 2014. 
"Despite the positive impact of continued low interest rates and subdued inflation on our day-to-day household budgets, the feeble outlook for growth and a variety of economic uncertainties since the start of the year has depressed our New Year optimism," Joe Staton, head of market dynamics at GfK, said. While consumers remained broadly confident about their personal finances, with inflation still hovering near zero and interest rates at record-lows, they were downbeat about the broader economic situation.
 
Sterling is currently being traded few points above 1.3970 level. Pair is likely to find support around 1.3850 handle and resistance above 1.40 level. Later today, in the US session, GDP and Revised Consumer Confidence figures are scheduled for a release. .
 
Source: reuters.com
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