Forex – GBP/USD holds steady in quiet trade


Pound little changed vs. dollar in subdued tradePound little changed vs. dollar in subdued trade – The pound held steady against the U.S. dollar in quiet trade on Tuesday, as the greenback regained some ground after recent losses caused by Friday’s U.S. employment report.

GBP/USD hit 1.5858 during European morning trade, the session high; the pair subsequently consolidated at 1.5849, inching up 0.05%.

Cable was likely to find support at 1.5788, the low of November 7 and a 14-month low and resistance at 1.6003, the high of November 6.

The dollar found mild support after falling in the previous two sessions after Friday’s softer than expected U.S. jobs report prompted investors to book profits in the greenback.

The dollar has rallied over the past two months as broadly stronger economic data fuelled expectations that the Federal Reserve will raise interest rates sometime in 2015.

The pound had dropped to 14-month lows against the dollar late last week, as recent surveys of the U.K. service and manufacturing sectors added to worries that the rate of the economic recovery is slowing.

Sterling was higher against the euro, with EUR/GBP slipping 0.15% to 0.7828.

Sentiment on the euro remained vulnerable after weak Italian data on Monday fuelled fears that its economy is falling back into a recession.

Source By Breaking News Website | BreakingNews.WS