The sterling is trading on a softer tone at the end of the week, dragging the GBP/USD to session lows in the area of 1.6330.
GBP/USD retreats from highs
After assaulting the boundaries of 1.6380 overnight, the pair’s upside seems to have run out of legs, deflating to the current 1.6330/25 region. Despite the current correction, the bullish momentum around the pound remains intact, lifting the pair to its fourth consecutive weekly close with gains, including a break above the potential double top formation around the mid 1.62 area. Data-wise, Consumer Confidence gauged by Gfk dropped below estimates to -12 in …read more