Investing.com – The pound erased early gains against the U.S. dollar on Monday, falling to hit a fresh 14-day low amid decreased risk appetite after worse-than-expected Japanese economic data.
GBP/USD hit 1.5536 during European late morning trade, the pair's lowest since July 27; the pair subsequently consolidated at 1.5582, shedding 0.07%.
Cable was likely to find support at 1.5442, the low of July 27 and resistance at 1.5859, the high of August 11.
Earlier Monday, official data showed that Japans gross domestic product expanded less-than-expected in the second quarter, expanding 0.1% after expanding by a revised 1.1% in the first quarter.
The data sparked fresh fears that the global economic recovery is stalling.
The pound was also down against the euro, with EUR/GBP gaining 0.53% to hit 0.8222.
Also Monday, British property website Rightmove said U.K. house prices fell 1.7% in August, the largest monthly decline since December, as an oversupply of property coincided with a seasonal drop in demand.
GBP/USD hit 1.5536 during European late morning trade, the pair's lowest since July 27; the pair subsequently consolidated at 1.5582, shedding 0.07%.
Cable was likely to find support at 1.5442, the low of July 27 and resistance at 1.5859, the high of August 11.
Earlier Monday, official data showed that Japans gross domestic product expanded less-than-expected in the second quarter, expanding 0.1% after expanding by a revised 1.1% in the first quarter.
The data sparked fresh fears that the global economic recovery is stalling.
The pound was also down against the euro, with EUR/GBP gaining 0.53% to hit 0.8222.
Also Monday, British property website Rightmove said U.K. house prices fell 1.7% in August, the largest monthly decline since December, as an oversupply of property coincided with a seasonal drop in demand.