Investing.com – The pound was down against the U.S. dollar on Monday, plunging to hit a 3-day low, amid the sense that expectations for further monetary easing by the Federal Reserve were now priced in to the market.
GBP/USD hit 1.5846 during early European trade, the pair’s lowest since October 13; the pair subsequently consolidated at 1.5849, tumbling 0.88%.
Cable was likely to find support at 1.5773, the low of October 13 and resistance at 1.6104, last Friday’s high and a 10-month high.
Late Sunday, Britain’s largest property website Rightmove said that its house price index rose 3.1% in October, after declining 1.1% in September. The report said that average asking prices in the capital increased 5% from September, the biggest increase since February. Across the U.K., prices rose 3.1%.
Commenting on the report, Miles Shipside, commercial director of Rightmove, said that “Given the challenges of the current market, the behavior of sellers in raising their average asking prices by over GBP 7,000 takes some explaining”. He added, “It’s not likely to be a successful tactic”.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.08% to hit 0.8736.
Later in the day, the U.S. was to release official data on TIC long term purchases as well as data on the capacity utilization rate and industrial production.
GBP/USD hit 1.5846 during early European trade, the pair’s lowest since October 13; the pair subsequently consolidated at 1.5849, tumbling 0.88%.
Cable was likely to find support at 1.5773, the low of October 13 and resistance at 1.6104, last Friday’s high and a 10-month high.
Late Sunday, Britain’s largest property website Rightmove said that its house price index rose 3.1% in October, after declining 1.1% in September. The report said that average asking prices in the capital increased 5% from September, the biggest increase since February. Across the U.K., prices rose 3.1%.
Commenting on the report, Miles Shipside, commercial director of Rightmove, said that “Given the challenges of the current market, the behavior of sellers in raising their average asking prices by over GBP 7,000 takes some explaining”. He added, “It’s not likely to be a successful tactic”.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.08% to hit 0.8736.
Later in the day, the U.S. was to release official data on TIC long term purchases as well as data on the capacity utilization rate and industrial production.