Investing.com – The pound fell to a fresh 1-month low against the U.S. dollar on Tuesday, amid a flight from risk, as fears over the fragile global economic recovery undermined risk sentiment.
GBP/USD hit 1.5374 during European morning trade, the pair's lowest since July 23; the pair subsequently consolidated at 1.5397, tumbling 0.74%.
Cable was likely to find support at 1.5255, the low of July 23 and resistance at 1.5618, Monday's high.
Late Monday, sentiment was undermined after the newest member of the Bank of England's monetary policy committee said that Britain could be facing the prospect of a "double-dip" recession and that the banks growth forecast for 2011 may be too optimistic.
In an interview with the Times newspaper, Martin Whale said "I am very comfortable with the view that there is slack in the economy, that unemployment is likely to rise further, and the way things are developing I find it hard to see that there are unusually substantial risks to inflation."
The pound was also down against the euro, with EUR/GBP gaining 0.41% to hit 0.8195.
Later in the day, the U.K. was to release industry data on mortgage approvals.
GBP/USD hit 1.5374 during European morning trade, the pair's lowest since July 23; the pair subsequently consolidated at 1.5397, tumbling 0.74%.
Cable was likely to find support at 1.5255, the low of July 23 and resistance at 1.5618, Monday's high.
Late Monday, sentiment was undermined after the newest member of the Bank of England's monetary policy committee said that Britain could be facing the prospect of a "double-dip" recession and that the banks growth forecast for 2011 may be too optimistic.
In an interview with the Times newspaper, Martin Whale said "I am very comfortable with the view that there is slack in the economy, that unemployment is likely to rise further, and the way things are developing I find it hard to see that there are unusually substantial risks to inflation."
The pound was also down against the euro, with EUR/GBP gaining 0.41% to hit 0.8195.
Later in the day, the U.K. was to release industry data on mortgage approvals.