Forex - GBP/USD slips after BoE keeps rates unchanged
Investing.com
Published May 05, 2011 07:22AM ET
GBP/USD eased off 1.6543, the daily high, to hit 1.6498 during European early afternoon trade, up 0.06% on the day.
Cable was likely to find support at 1.6452, Wednesday’s low and resistance at 1.6660, Tuesday’s high.
Earlier in the day, the Markit/CIPS U.K. services purchasing managers’ index slid to 54.3 in April from 57.1 the previous month, staying in positive territory for a fourth straight month, but undershooting the 55.7 forecast.
The report came after data on Wednesday showed that lending to British consumers and homebuyers rose less-than-expected in March and U.K. house prices fell at their fastest pace since November.
The pound was also slightly higher against the euro, with EUR/GBP dipping 0.02% to hit 0.8989.
Later in the day, the European Central Bank was expected to prepare markets for a possible follow-up rate hike in June after its policy setting meeting. Meanwhile, the U.S. was to publish official data on initial jobless claims while Federal Reserve Chairman Ben Bernanke was to speak.
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Written By: Investing.com
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