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Forex - GBP/USD trims losses ahead of Greek vote, U.S. data

Published 06/30/2011, 08:07 AM
Updated 06/30/2011, 08:07 AM

Investing.com – The pound trimmed losses against the U.S. dollar on Thursday, pulling back from the daily low ahead of Greece’s expected final approval of legislation implementing austerity measures and the release of U.S. jobs data.

GBP/USD pulled back from 1.5972, the daily low, to hit 1.6012 during European afternoon trade, still down 0.30% on the day.

Cable was likely to find support at 1.5910, Tuesday’s low and a five-month low and resistance at 1.6262, the high of June 22.

Greece’s parliament was expected to pass a second vote later Thursday on the implementation of different parts of the EUR28.4 billion, five-year austerity package approved in Wednesday’s vote, such as tax rises and the sale of state assets.

Ahead of the vote, the conservative opposition said it was willing to support some measures in the implementation bill after having opposed the first austerity bill.

The pound remained on the back foot after Bank of England Governor Mervyn King played down prospects for an imminent rate increase on Tuesday, amid speculation that that bank may resort to further quantitative easing.

Earlier in the day, reports showed that consumer confidence in the U.K. fell in June, while U.K. house prices were flat.

The pound was also down against the euro, with EUR/GBP rising 0.48% to hit 0.9031.

Also Thursday, the U.S. was to publish its weekly government report on initial jobless claims, as well as data on manufacturing activity in the Chicago region.

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