GBP/USD pares losses after IMF raises global forecast

ForexNewsNow | Published on July 8, 2010 at 2:51 pm

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NEW YORK (Forex News Now) – Sterling pared earlier losses against the dollar on Thursday after the International Monetary Fund raised its growth forecast for the global economy this year.

In early Asian currency trading, GBP/USD traded at 1.5161, after rising from 1.5102, the daily low.

In a report, the IMF said earlier that the world economy is recovering faster than expected; however, the organization warned that Europe must still deal with its debt crisis and keep it from infecting other regions of the world.

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Olivier Blanchard, the organization’s chief economist, said: “While we predict the recovery will continue, it is clear that downside risks have risen sharply.”

According to forex analysis, GBP/USD is likely to touch immediate support around the low of June 29, 0.8067, and encounter resistance around the high of June 1, 0.8474.

The pound’s earlier losses came after industry data showed that U.K. house prices fell unexpectedly for the third straight month in June, as the housing market recovery showed further signs of faltering.

The report by the Halifax building society was followed by data from the U.K. statistics bureau, which showed that British manufacturing production grew at a slower-than-forecast pace in May.


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