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|  | | November 18, 2008 | | Sterling pulls back after attempted rally in currency trading | The U.K. pound remains under pressure in forex trading on the currency market today. The sterling attempted a rally against the U.S. dollar in currency trading earlier, but has been falling back.
One of the fears now is that inflation is falling, and that deflation could be the next hurdle faced by the British economy. Interest rate cuts are in the works, though, and that should help keep deflation at bay.
Resistance now seems to have formed about the $1.50 level for the U.K. pound in forex trading, and it will be interesting to see how long the sterling can try to push through in currency trading.
| Topic Tags: currency market, currency trading, deflation, forex trading, forex trading currency market, sterling currency trading, U.K. pound forex trading | |
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