Forex – GBP/USD almost unchanged in subdued trade

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© Reuters.  Pound holds steady against weaker dollar, no majors reports ahead© Reuters. Pound holds steady against weaker dollar, no majors reports ahead

Investing.com – The pound was almost unchanged against the U.S. dollar in subdued trade on Monday, as demand for the greenback remained broadly under pressure as trading volumes were expected to remain light with no major U.S. data to be released throughout the session.

GBP/USD hit 1.4984 during European morning trade, the session high; the pair subsequently consolidated at 1.4954.

Cable was likely to find support at 1.4809, the low of April 16 and resistance at 1.5054, the high of April 17.

The greenback remained under pressure as investors pushed back expectations for higher U.S. interest rates after a recent string of soft economic data dampened optimism on the country’s recovery.

Markets shrugged off data on Friday showing that the U.K. claimant count dropped 20,700 last month, compared to expectations for a 29,500 decline.

A separate report showed that the U.K. unemployment rate ticked down to 5.6% in February from 5.7% the previous month, in line with expectations.

Sterling was higher against the euro, with EUR/GBP shedding 0.32% to 0.7203.



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