In Asian trading GBP traded to 1.6660, and just under the high this month and for the year at 1.6662. The improvement in the GfK consumer confidence figures released earlier today seemed to support the sterling.
The Bank of England information on lending shows the banking system remains frozen, with net mortgage lending in May at record lows.
As for GBP, a rejection of the 1.6662 level risks a retreat in sterling, possibly back to the base of the 1.6200-1.6600 range that has held for much of the month. Pound rebound from USD1.6505 sees rate pressuring up against resistance level ahead of USD1.6530. Above here and rate can edge on USD1.6540/50 ahead of USD1.6560 and stronger interest placed toward USD1.6580.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment