Investing.com – The pound was up against the U.S. dollar on Wednesday, easing from a 17-day low, ahead of Chancellor George Osborne’s comprehensive spending review, aimed at reducing the U.K.’s record budget deficit.
GBP/USD hit 1.5746 during early European trade, a daily high; the pair subsequently consolidated at 1.5727, gaining 0.12%.
Cable was likely to find support at 1.5601, the low of September 22 and resistance at 1.6002, Monday’s high.
On Tuesday, Bank of England governor Mervyn King said that the bank must be ready to adapt as the economy faces slower growth while it rebalances toward savings and exports in what he said would be a “SOBER” decade of “Savings, Orderly Budgets, and Equitable Rebalancing.”
Osborne’s comprehensive spending review will set out the details of the biggest U.K. public spending cuts since World War II.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.49% to hit 0.8784.
Later in the day, the Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.
GBP/USD hit 1.5746 during early European trade, a daily high; the pair subsequently consolidated at 1.5727, gaining 0.12%.
Cable was likely to find support at 1.5601, the low of September 22 and resistance at 1.6002, Monday’s high.
On Tuesday, Bank of England governor Mervyn King said that the bank must be ready to adapt as the economy faces slower growth while it rebalances toward savings and exports in what he said would be a “SOBER” decade of “Savings, Orderly Budgets, and Equitable Rebalancing.”
Osborne’s comprehensive spending review will set out the details of the biggest U.K. public spending cuts since World War II.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.49% to hit 0.8784.
Later in the day, the Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.