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Monday, 07/25/2011 3:30:08 AM

Monday, July 25, 2011 3:30:08 AM

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The Pound has advanced on firm footing during the last couple of hours, trimming losses against the Greenback and extending gains versus the Euro.

GBP/USD had fallen to a session low of 1.6263 where it rebounded, having recovered 60 pips since the Wall Street opening. Cable has managed to regain the 1.6300 mark and at time of writing it is quoting at the 1.6315/20 area, virtually unchanged on the day, after it gained over 1.1% on Thursday. GBP/USD is on track for its best weekly performance since last May.

The Sterling is outperforming the Euro on Friday after 2 days of losses, as even though the new bailout agreement for Greece relief the pressure over the shared currency, contagion fears persist. EUR/GBP touched a fresh day's low at 0.8796 in recent trade and currently is trading barely above 0.8800, 0.34% lower since opening.


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