Investing.com – The pound was down against the U.S. dollar on Tuesday, falling to a fresh 10-week low as fears over euro zone debt contagion weighed and after data showed that U.K. consumer confidence hit a four-month low in November.
GBP/USD hit 1.5525 during late Asian trade, the pair’s lowest since September 21; the pair subsequently consolidated at 1.5547, shedding 0.15%.
Cable was likely to find support at 1.5448, the low of September 15 and resistance at 1.5646, Monday’s high.
Earlier in the day, data showed that consumer confidence in the U.K. unexpectedly dropped to a four-month low in November as looming public-spending cuts dented Britons’ outlook for 2011.
Research group Gfk said its index of consumer confidence fell two points to hit -21. Analysts had expected the index to remain unchanged at -19 in November. A measure of sentiment on the economy for the coming year fell two points to -22.
On the index, a level above zero indicates optimism while levels below zero indicate pessimism.
The pound was also down against the euro, with EUR/GBP gaining 0.13% to hit 0.8438.
Later Tuesday, the U.S. was to publish industry data on house prices, as well as data on consumer confidence. The country was also to release an index of manufacturing growth in the Chicago area, while Federal Reserve Chairman, Ben Bernanke was to speak at a public engagement.
GBP/USD hit 1.5525 during late Asian trade, the pair’s lowest since September 21; the pair subsequently consolidated at 1.5547, shedding 0.15%.
Cable was likely to find support at 1.5448, the low of September 15 and resistance at 1.5646, Monday’s high.
Earlier in the day, data showed that consumer confidence in the U.K. unexpectedly dropped to a four-month low in November as looming public-spending cuts dented Britons’ outlook for 2011.
Research group Gfk said its index of consumer confidence fell two points to hit -21. Analysts had expected the index to remain unchanged at -19 in November. A measure of sentiment on the economy for the coming year fell two points to -22.
On the index, a level above zero indicates optimism while levels below zero indicate pessimism.
The pound was also down against the euro, with EUR/GBP gaining 0.13% to hit 0.8438.
Later Tuesday, the U.S. was to publish industry data on house prices, as well as data on consumer confidence. The country was also to release an index of manufacturing growth in the Chicago area, while Federal Reserve Chairman, Ben Bernanke was to speak at a public engagement.