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GBP/USD ends week marginally higher

FXStreet (Córdoba) - Cable reversed sharply on Friday against US dollar after reaching levels on top of 1.6500. GBP/USD dropped more than 200 pips and finished trading below 1.6300. Despite falling considerably on Friday, the pair managed to end the week in positive territory with a gain of less than 50 pips.

It was an intense week for the pound with plenty of economic data from the United Kingdom and the referendum. The “no” give support to the cable that ended among the best performers of the week in the currency market.

According to the Global Currency Strategy Team at Brown Brothers Harriman in a firm US dollar environment, opportunities for the cable may reside more on the crosses than against greenback.

“With the referendum out of the way, there is no reason not to expect the BOE to raise rates early next year, still likely before the Federal Reserve. The political uncertainty shrouding the referendum overshadowed, to some extent, the favorable macroeconomic considerations”, noted the BBH Team.

EUR/GBP finishing up positive on the day

EUR/GBP is trading at 0.7877, down -0.07% on the day, having posted a daily high at 0.7886 and low at 0.7810.
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