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Sterling still below $1.66
The pound is trading at $1.6586. While it may have bucked its losing streak, the pressure is still on — the last trading day of the month is tomorrow and the pound has lost 1.7% versus the US dollar so far. The UK Confederation of British Industry's realised sales report is due out at 11am (London time). Analysts are expecting a reading of 27 for August, and the July figure was 21.
As Alastair McCaig stated, the US will report its preliminary second-quarter GDP at 1.30pm (London time). A strong report could drive the pound lower.
Sterling can’t rely on weak economic data from the US — the realised sales figures need to be good in order to trigger conviction buying. The $1.6687 level is acting as resistance, while the pound could target $1.6540 if the realised sales disappoint, or if the US GDP figures are good.