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Forex - GBP/USD remains lower in quiet trade

ForexJun 10, 2013 02:22PM GMT Add a Comment
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Investing.com - The pound remained lower against the U.S. dollar in quiet trade on Monday, as Friday’s upbeat U.S. jobs data continued to support investor demand for the greenback.

GBP/USD hit 1.5496 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.5532, edging down 0.12%.

Cable was likely to find support at 1.5449, the low of May 7 and resistance at 1.5619, the high of June 7.

Official data on Friday showed that the U.S. economy added 175,000 jobs last month, slightly more than the 170,000 gain forecast by economists, indicating that the economic recovery is continuing.

However, the unemployment rate ticked up to 7.6% from 7.5% in April, dampening expectations that the Federal Reserve will start to unwind its asset purchase program this year.

Sterling was steady against the euro with EUR/GBP dipping 0.04%, to hit 0.8498.

In the euro zone, the Sentix index of investor confidence rose to minus 11.6 in the current month from minus 15.6 in May, improving for a second successive month as a rate cut by the European Central Bank and the formation of a government in Italy helped to bolster sentiment.

Forex - GBP/USD remains lower in quiet trade

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