Forex - GBP/USD trims losses as U.K. housing data lends support
Investing.com
Published Jun 20, 2011 07:32AM ET
GBP/USD pulled back up from a daily low of 1.6110, to hit 1.6169 during European early afternoon trade, still down 0.14% on the day.
Cable was likely to find short-term support at 1.6077, last Thursday’s low and an almost one-month low and short-term resistance at 1.6224, the high of the same day.
Rightmove said that that house prices would finish 2011 with an annual gain of 2.0%, in contrast to its December forecast for a 2.5% fall.
The report said house asking prices rose 0.6% in June after a 1.3% rise in May, reaching their highest level since an all-time high hit in May 2008.
But risk aversion remained elevated after euro zone finance ministers said Sunday that a new financing strategy for Greece will only be decided by early July and would be dependent on the Greek parliament passing unpopular new economic reforms and austerity measures.
Meanwhile, the pound was higher against the euro, with EUR/GBP shedding 0.48% to hit 0.8794.
With no major economic events scheduled for later in the day, markets turned their focus to the U.S. Federal Reserve’s policy setting meeting later in the week, where it was expected to reaffirm its pledge to hold interest rates near zero for an extended period.
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Written By: Investing.com
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