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Pound regains lost ground
Sterling has pulled back some of the losses it incurred this week as traders await the US GDP report at 1.30pm (London time).
The pound is trading at $1.6728, up 0.1% on the day after mixture of short covering and bargain hunting helped sterling. The main focus of the day is the US gross domestic product report, and the consensus is for a decline of 0.6%. This will give a good indication of what the Federal Reserve will do next.
The pound has been in a downward trend versus the US dollar this week as softer-than-expected updates from the UK dragged on the pound. Bad weather in the US was blamed for the poor growth during the first three months of the year. A strong GDP report could see the pound head lower towards the $1.66 level; to the upside we could target the 100-hour moving average of $1.6804.