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Resurgent sterling could have further to go
Sterling pairs are trading in a mixed trend ahead of the London open session on Friday, with GBP/USD down -0.02% from its previous close level, and currently trading at $1.566. However, the marginal decline doesn’t show the scale of Thursday’s move higher from a low of $1.554. Without any market sensitive data releases scheduled for Friday it’s likely to be a rangebound trading session.
Despite this, the daily intermediate risk range to the downside has since been moved higher to $1.564, which held could signal a re-testing of Wednesday’s high of $1.569. However, should a close be seen sub-$1.564 then the next clear area of consolidation presents itself at $1.560.