Sterling fell against the dollar on Friday, pulling back from a three-month high against the dollar as the pound followed losses in the euro.
The pound was also pressured on Friday after UK Trade and Investment Minister Mervyn Davies said he was not worried about a further slide in the currency, while adding a weak currency would help the British economy out of the recession.
But on weekly basis in the last week, Sterling gained against the dollar, as some brighter UK housing data and as negative sentiment piled up on the euro.
The euro came under pressure after European Central Bank Governing Council member Axel Weber said the ECB will announce a package of "non-standard measures to boost the euro-zone economy in May.
The Bank of England last week held interest rates at a record low 0.5 percent, and said it would continue its 75 billion pound asset-buying programme.
The quantitative easing measure is aimed at digging the UK economy out of a recession also supported the currency movements.
Weekly Outlook (DGBP: June) :
Expecting more weakness below 147.4.Resistances are 148.40, 149.40, 150.80 Supports are 146, 144.20, and 143.20
Last day DGBP (June) traded in the range 148.67-147.54 and closed at 147.94
TECHNICAL OUTLOOK (Intra-day)
DGBP (June) - Bullish above $ 148.30; bearish below $ 147.80
|
COMMODITY
|
CL.RATE
|
SUP .2
|
SUP.1
|
RES 1
|
RES 2
|
|
DGBP (June)
|
147.94
|
146.93
|
147.40
|
148.69
|
149.10
|
