The strong retail sales data will curb short-term Sterling selling pressure. International trends will also be important and the dollar vulnerability will support Sterling. Increased doubts over global growth trends will also tend to protect the UK currency. Overall, the Euro offers little immediate value beyond 0.6960 against the Euro, potentially strengthening to 0.6885 in the near term. Sterling is likely to face near-term resistance just above the 1.83 level against the US dollar. Sterling weakened to a low close to 0.6970 against the Euro, but then recovered back to 0.6925 in New York. Sterling strengthened ... (full story)