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by ForexNewsNow Team on November 24, 2010

GBP/USD rises as risk aversion over Koreas eases

UK currency marketNEW YORK (Forex News Now) – Sterling rose against the greenback on Wednesday, as risk aversion sparked the previous day by an exchange of fire on the Korean peninsula eased finally.

In early currency market trading, GBP/USD traded at 1.5785, up 0.06 percent on the day.

The currency pair had dropped the previous day as investors rallied to the dollar following North Korea’s artillery barrage on a South Korean island and rising concerns over the euro zone debt crisis.

According to GBP/USD analysis, cable was likely to touch support around Tuesday’s low of 1.5757, and hit resistance at 1.5960.

The pound’s gain also came as FX traders awaited the release of revised British GDP figures for the third quarter. The release was expected to mirror the preliminary reading of 0.8%, down from 1.2% in the second quarter.

Elsewhere, sterling also rose against the euro: EUR/GBP traded at 0.8459, down 0.177%, according to intraday analysis.

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