Investing.com – The pound trimmed gains against the U.S. dollar on Thursday, retreating from the daily high, following the release of worse-than-expected data on U.K. house prices.
GBP/USD retreated from 1.5830, the daily high to hit 1.5772 during early European trade, up 0.02%.
Cable was likely to find support at 1.5650, the low of October 22 and resistance at 1.6002, the high of October 18.
Earlier in the day, U.K. mortgage lender Nationwide said that its house price index fell by a seasonally adjusted 0.7% in October, after remaining flat in September. Analysts had expected the HPI to fall by 0.3% in October.
The three-month on three-month rate of decline accelerated to 1.5%, the largest such decline since April 2009. Nationwide said that if recent trend were to continue to the end of the year, it would leave prices flat to slightly lower over 2010 as a whole.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.30% to hit 0.8758.
Later in the day, the U.S. was to release key weekly data on initial jobless claims.
GBP/USD retreated from 1.5830, the daily high to hit 1.5772 during early European trade, up 0.02%.
Cable was likely to find support at 1.5650, the low of October 22 and resistance at 1.6002, the high of October 18.
Earlier in the day, U.K. mortgage lender Nationwide said that its house price index fell by a seasonally adjusted 0.7% in October, after remaining flat in September. Analysts had expected the HPI to fall by 0.3% in October.
The three-month on three-month rate of decline accelerated to 1.5%, the largest such decline since April 2009. Nationwide said that if recent trend were to continue to the end of the year, it would leave prices flat to slightly lower over 2010 as a whole.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.30% to hit 0.8758.
Later in the day, the U.S. was to release key weekly data on initial jobless claims.