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Sterling pares some losses, but not far from 30-month lows

Sterling pares some losses, but not far from 30-month lows
FILE PHOTO: UK pound coins plunge into water coloured with the European Union flag colours in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic -
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DADO RUVIC(Reuters)
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By Olga Cotaga

LONDON (Reuters) – The pound recovered slightly on Friday from the 30-month low it reached on Thursday versus the dollar, after the low levels brought some buyers back in.

Sterling was last trading flat at $1.2117 and at 91.50 pence against the euro.

Analysts say that some buyers emerge when sterling plunges to as low as $1.21 and $1.20, but they are not many and it does not imply that the market’s view on the British currency has changed.

With Boris Johnson as the new prime minister, and his Brexiteer cabinet, most investors have become increasingly worried that the UK may crash out of the European Union without a transitional agreement in place.

(Reporting by Olga Cotaga; Editing by Virginia Furness)

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