12:56 م
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Forexpros - The pound pulled back from a one-month low against the U.S.
dollar on Wednesday, but gains looked likely to remain limited amid
ongoing concerns over the weak U.K. economy and uncertainty over
prospects of a bailout for Spain.
GBP/USD pulled away from 1.5975, the session low and a one-month low, to hit 1.6069 during European morning trade, inching up 0.04%.
Cable was likely to find near-term support at 1.5975, the session low and resistance at 1.6045, Tuesday’s high.
The pound remained under pressure after a recent string of soft economic data undermined hopes for a sustained economic recovery and kept alive speculation over the possibility of another round of easing by the Bank of England.
On Tuesday, the International Monetary Fund said the U.K. economy would contract by 0.4% in 2012, compared to its July forecast for 0.2% growth.
Meanwhile, investors remained cautious amid ongoing uncertainty over Spain’s position on requesting external financial aid and what form a bailout would take.
Sterling was higher against the euro, with EUR/GBP down 0.19% to 0.8036.
Also Wednesday, Italy saw yields rise at an auction of short-term government debt, with the yield on 12-month bills climbing to 1.94% from 1.69% previously, the highest level since mid-August.
GBP/USD pulled away from 1.5975, the session low and a one-month low, to hit 1.6069 during European morning trade, inching up 0.04%.
Cable was likely to find near-term support at 1.5975, the session low and resistance at 1.6045, Tuesday’s high.
The pound remained under pressure after a recent string of soft economic data undermined hopes for a sustained economic recovery and kept alive speculation over the possibility of another round of easing by the Bank of England.
On Tuesday, the International Monetary Fund said the U.K. economy would contract by 0.4% in 2012, compared to its July forecast for 0.2% growth.
Meanwhile, investors remained cautious amid ongoing uncertainty over Spain’s position on requesting external financial aid and what form a bailout would take.
Sterling was higher against the euro, with EUR/GBP down 0.19% to 0.8036.
Also Wednesday, Italy saw yields rise at an auction of short-term government debt, with the yield on 12-month bills climbing to 1.94% from 1.69% previously, the highest level since mid-August.
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