Investing.com – The pound trimmed losses against the U.S. dollar on Wednesday, rebounding from a daily low, ahead of official government data on the U.K.’s unemployment rate.
GBP/USD hit 1.5524 during early European trade, shedding 0.08% after clawing back up from a daily low of 1.5450.
Cable was likely to find support at 1.5347, Tuesday’s low, and resistance at 1.5597, the high of August 26.
On Tuesday, Bank of England Monetary Policy Committee member Martin Weale said he was optimistic over the strength of the U.K.’s economic recovery, saying “I think the economy is recovering and I am comfortable with the policy setting that we have”.
The pound was also down against the euro, with EUR/GBP gaining 0.08% to hit 0.8371.
Later in the day, the U.K. was to release key data on the claimant count change and the country’s unemployment rate. Meanwhile, Bank of England Governor Mervyn King was expected to testify on inflation and the country’s economic outlook.
GBP/USD hit 1.5524 during early European trade, shedding 0.08% after clawing back up from a daily low of 1.5450.
Cable was likely to find support at 1.5347, Tuesday’s low, and resistance at 1.5597, the high of August 26.
On Tuesday, Bank of England Monetary Policy Committee member Martin Weale said he was optimistic over the strength of the U.K.’s economic recovery, saying “I think the economy is recovering and I am comfortable with the policy setting that we have”.
The pound was also down against the euro, with EUR/GBP gaining 0.08% to hit 0.8371.
Later in the day, the U.K. was to release key data on the claimant count change and the country’s unemployment rate. Meanwhile, Bank of England Governor Mervyn King was expected to testify on inflation and the country’s economic outlook.