LONDON, Feb 20 - Sterling fell one percent against the U.S. dollar on Friday as the greenback extended its recovery rally and investors took profits on recent sterling gains to 11-year highs. The pound slipped through chart support at around $1.8840 earlier in the session and extended losses to $1.8749, its lowest level for more than a week. "The $1.8790 level was a small chart support and we went through $1.8845 like a rocket this morning," said Neil Parker, currency strategist at Royal Bank of Scotland in London.
"Market positioning suggests the market had been very very long sterling. We're getting a clear out and people are taking their profits. Some people have been long cable from $1.70." The pound hit an 11-year high of $1.9140 this week. Sterling was also weaker against the euro. The euro rebounded off chart support at 67.00 pence , just above Thursday's one-year low of 66.96, and recovered half a percent on the day to 67.42 pence.//

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