Pound-USD: Recovering Poise as GBP’s Dip Bought, USD Starts to Struggle

The Pound-to-Dollar exchange rate slumped last week as Sterling was caught in a wave of profit-taking but declines had petered out near a tried and tested support level by Friday, and with the greenback having shown signs of tiring its own rally, a tentative attempt at recovery could be made over the coming days. Pound Sterling was the single largest beneficiary of February-to-April wagers against Europe’s single currency, which investors expressed by selling EUR/GBP, and was accordingly the worst off last week when the market began an apparent rethink of those bets. Closing wagers against EUR/GBP would generate … (full story)

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