steadier week, continuing being traded within its consolidation range between 1.5550 and 1.5750 level. These two points proved to be quite supportive and resistive, with Sterling finishing the week around 1.5710 level unable to break above 1.5750 level. However, next week we can expect that pair will finally head in one direction or another depending on BoE Meeting Minutes as well as CPI and job figures. Besides that FOMC Meeting is held next week that should add additional volatility to the markets. With that being the case first major support for Sterling can be expected around 1.5650 level and then 1.56 handle in extension, so we see this area as a short-term buying opportunity. 1.57 handle, that is area above 1.5750 level should continue to offer some amount of resistance and short-term selling signals. On a long-term basis, we would wait on the sidelines for next week figures before placing any larger bids.
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