16 July 2012, 12:57  Sterling gains against euro

"It is possible to indentify a tendency in the pound recently to react positively to news which can be interpreted as supportive for growth," said Jean Foley, Senior Currency Strategist at Rabobank. "Sterling held in well in June despite the build up in speculation that the BoE would increase QE in July – which it did," she added. "Of course, sterling’s gains vs. the EUR are a function of the negative tone in the latter. That said even when accounting for this the pound continues to display resilience. In the past few sessions EUR/USD has drawn out a consolidative rage around the EUR/USD1.2200 level but this has not prevented sterling climbing to a 3

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