Forex trends: pound pares recent gains versus majors

During early Friday deals in Asia, the UK sterling that showed firmness against its key counterparts, reversed its uptrend direction thereafter. The pound thus slid from a 4-day high against the dollar and the yen.


The pound that rose to a 4-day high of 1.5089 against the dollar at 6:05 pm ET and 136.87 against the yen at 6:15 pm ET weakened thereafter. As of now, GBP/JPY pair is trading near yesterday's close of 136.36. Against the dollar, the pound is currently worth 1.5050, down from yesterday's close of 1.5063. If the pound slides further, it may likely target 134.0 against the yen and 1.487 against the dollar.

The pound declined against the euro after reaching a high of 0.9072 at 6:00 pm ET. At present, EUR/GBP rally is worth 0.9093, compared to yesterday's close of 0.9084. The next downside target level for the UK currency is seen at 0.914.

The pound climbed to 1.6119 against the franc before losing ground at 6:00 pm ET. Presently, GBP/CHF pair worth 1.6090 with 1.601 seen as the next downside target level. At yesterday's close, the pair was quoted at 1.6100.