UK Pound Mostly Rangebound Today

UK pound is mostly rangebound today, thanks to a lack of new data. Additionally, a recent speech from David Cameron has many speculating about the United Kingdom’s relationship to the European Union.

Sterling is rangebound today, although it is on the mostly lower side against its major counterparts. Right now, there isn’t a lot of data today, although recent weeks have indicated that the UK economy continues to move toward recovery, albeit slowly.
There is interest in what’s next for the United Kingdom following David Cameron’s proposal for reform . He outlined possibilities for a change in Britain’s relationship with the European Union. There is a referendum planned in 2017 for retaining EU membership. Cameron’s proposal is one meant to reform the relationship, perhaps without leaving the European Union (it is unlikely that Britain will ever join the currency union, especially after the eurozone crisis still underway).
For now, the pound is a little lower, if rangebound, against the greenback and yen, and gaining a little ground against the euro, which is still uncertain over Greece.
At 13:07 GMT GBP/USD is lower, dropping to 1.5733 from the open at 1.5747. EUR/GBP is down, heading to 0.7113 from the open at 0.7114. GBP/JPY is down to 194.6740 from the open at 194.6750.

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