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Sterling has made a good start to the week, up 0.5 per cent at $1.6060, Reuters reports.
According to the news provider, there has been some backing for the pound due to rumours of an aid package for Ireland coming to fruition, despite some analysts being concerned the Irish situation, in terms of the UK banks' exposure, may have a negative effect on sterling.
Karen Anne Jones, technical analyst at Commerzbank, wrote in a note: "While we would allow for the rebound to extend into the $1.6100/85 band, we continue to look for that to cap the rally and for another downside attempt to be made."
This comes after the pound rose by 0.6 per cent against the dollar following the announcement of the UK retail sales figures - which reported growth of 0.5 per cent in October - on Thursday.
Posted by Chris Weaver
