The Sterling finished the week within the stronger parts of its range against the USD. The GBP has had a very good run the past few weeks. The Sterling has gained a considerable amount of value on the heels of the austerity measures being undertaken by the U.K. government and on Friday it got an additional shot in the arm when the Prelim GDP number beat estimates and produced a gain of 1.1%. While in most instances a gain of 1.1% would not be something to create a glowing report around, the result was enough to bolster confidence among some who have been rattled by warnings of a possible double dip recession. There will be no major economic data from the U.K. today and tomorrow the CBI Realized Sales will be released. Traders have enjoyed a solid ride of momentum as the GBP has gained. Questions do remain on the horizon, but traders may continue to take on risk in the current environment.
Written by bforex.com
