Investing.com – The pound was down against the U.S. dollar on Tuesday, tumbling to hit a 4-day low, after official data showed that U.K. public sector borrowing rose more-than-expected in August.
GBP/USD hit 1.5505 during European morning trade, the pair's lowest since September 15; the pair subsequently consolidated at 1.5535, shedding 0.07%.
Cable was likely to find support at 1.5347, the low of September 14 and resistance at 1.5685, Monday's high.
Earlier in the day, the Office for National Statistics said that public sector net borrowing, or the difference in value between public spending and income rose to GBP 15.3 billion in August, up from GBP 3.2 billion in July.
Economists had expected public sector net borrowing to rise to GBP 12.3 billion in August.
The report showed that year-on-year, U.K. public sector net borrowing was GBP 58.1 billion in August, down from GBP 61.9 billion in July.
The pound was also down against the euro, with EUR/GBP gaining 0.58% to hit 0.8452.
Later Tuesday, the U.S. was to release official data on building permits and housing starts, while the Federal Reserve was to announce its benchmark interest rate.
GBP/USD hit 1.5505 during European morning trade, the pair's lowest since September 15; the pair subsequently consolidated at 1.5535, shedding 0.07%.
Cable was likely to find support at 1.5347, the low of September 14 and resistance at 1.5685, Monday's high.
Earlier in the day, the Office for National Statistics said that public sector net borrowing, or the difference in value between public spending and income rose to GBP 15.3 billion in August, up from GBP 3.2 billion in July.
Economists had expected public sector net borrowing to rise to GBP 12.3 billion in August.
The report showed that year-on-year, U.K. public sector net borrowing was GBP 58.1 billion in August, down from GBP 61.9 billion in July.
The pound was also down against the euro, with EUR/GBP gaining 0.58% to hit 0.8452.
Later Tuesday, the U.S. was to release official data on building permits and housing starts, while the Federal Reserve was to announce its benchmark interest rate.