Investing.com – The pound was down against the U.S. dollar on Tuesday, falling to a 2-day low, ahead of the release of key U.K. economic data.
GBP/USD hit 1.5780 during European morning trade, the pair's lowest since September 24; the pair subsequently consolidated at 1.5796, shedding 0.20%.
Cable was likely to find support at 1.5641, last Friday's low and resistance at 1.5866, Monday's high.
Later in the day, the U.K. was due to release key reports on the country's gross domestic product as well as on the country's current account.
Late Monday, the International Monetary Fund endorsed the U.K. government's aggressive program of budget cuts saying, “Fiscal tightening will dampen short-term growth but not stop it as other sectors of the economy emerge as drivers of recovery”.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.17% to hit 0.8484.
Later Tuesday, the U.S. was to release official data on house prices as well as a report on consumer confidence.
GBP/USD hit 1.5780 during European morning trade, the pair's lowest since September 24; the pair subsequently consolidated at 1.5796, shedding 0.20%.
Cable was likely to find support at 1.5641, last Friday's low and resistance at 1.5866, Monday's high.
Later in the day, the U.K. was due to release key reports on the country's gross domestic product as well as on the country's current account.
Late Monday, the International Monetary Fund endorsed the U.K. government's aggressive program of budget cuts saying, “Fiscal tightening will dampen short-term growth but not stop it as other sectors of the economy emerge as drivers of recovery”.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.17% to hit 0.8484.
Later Tuesday, the U.S. was to release official data on house prices as well as a report on consumer confidence.