Pound made marginal gains on Friday, but has levelled off this morning

Sterling found slight support after a sharp sell-off against the aussie earlier in the week, with sentiment improved following comments from Moody's rating agency.

• Negative sentiment built up against the UK on fiscal concerns eased on Friday after Moody's announced that they had no imminent plans to cut the UK's credit rating.
  
• Although it is still broadly accepted that Britain's debt issues may impede the recovery, the news from Moody's did allow the pound a brief reprieve.
  
• In trading this morning the pair are relatively level, unchanged from the end of week closing price and hovering around 1.78.