Sterling edged lower on Friday but was not far from its highest level in over seven months against the dollar.Investors expect the British economys slowdown to end the Bank of England (BoE) tightening cycle soon, in a move which might weaken the pound in the short-term. British private-sector economic activity fell at its fastest rate in two years in January, a survey showed on Tuesday. Some analysts flagged substantial short-sterling positioning on expectations for a turn in the BoE cycle Sterling slipped 0.12% to $1.2397. It hit its highest since June 10 at $1.2447 on Jan. 23.Immediate resistance can be seen at 1.2421(23.6%fib), an upside break can trigger rise towards 1.2521(Higher BB).On the downside, immediate support is seen at 1.2366(9DMA), a break below could take the pair towards 1.2284 (Jan 24th low).
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