Forex - GBP/USD slips lower as Irish debt concerns dominate
Investing.com
Published Nov 17, 2010 03:21AM ET
GBP/USD hit 1.5856 during late Asian trade, the daily low; the pair subsequently consolidated at 1.5877, shedding 0.05%.
Cable was likely to find support at 1.5761, the low of October 28 and resistance at 1.6086, Tuesday’s high.
Some euro zone members were pushing for a bailout deal for Ireland to be finalized at a meeting of European finance ministers set to end later in the day.
However Irish Finance Minister Brian Lenihan repeated that his country wasn't ready to seek help but said "urgent talks" were necessary to calm "serious market disturbances" that "jeopardize not only Ireland, they threaten the euro zone."
The problems facing the euro zone are also a negative for sterling given the exposure of U.K. banks and given the size of U.K. exports to the region.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.07% to hit 0.8485.
Later in the day the U.K. was to release official data on employment while the U.S. was to release official data on inflation, building permits and housing starts.
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Written By: Investing.com
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