Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Forex - GBP/USD holds steady, near 1-month lows

Published 07/28/2014, 05:20 AM
Updated 07/28/2014, 05:20 AM
Pound little changed, near 1-month lows vs. dollar

Investing.com - The pound held steady against the U.S. dollar on Monday, hovering near one-month lows as Friday's upbeat U.S. data continued to support the greenback and concerns over tensions in the Gaza Strip and Ukraine still weighed.

GBP/USD hit 1.6985 during European morning trade, the session high; the pair subsequently consolidated at 1.6979, inching up 0.02%.

Cable was likely to find support at 1.6924, the low of June 18 and resistance at 1.7053, the high of July 24.

The greenback remained supported by better than expected data on U.S. durable goods orders for June.

The Commerce Department on Friday reported a rise of 0.7% in orders of long lasting goods such as machinery and electronic products, compared to forecasts of 0.5%.

The pound showed little reaction to data on Friday confirming that the U.K. economy grew 0.8% in the second quarter of 2014 and expanded by 3.1% on a year-over-year basis.

Investors still remained cautious after Hamas Islamist militants in Gaza said on Sunday that they backed a 24-hour humanitarian truce in light of the Muslim holiday Eid al-Fitr.

Meanwhile, the European Union agreed to impose economic sanctions against Russia for its role in the Ukraine crisis. Moscow reacted to the sanctions by warning that they would hamper cooperation on global security issues.

Sterling was little changed against the euro, with EUR/GBP easing up 0.04% to 0.7915.

Later in the day, the U.S. was to release data on pending home sales.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.