GBP/USD pares losses ahead of U.S. industrial output, TIC data

ForexNewsNow | Published on October 18, 2010 at 5:47 am

GBP USD analysis - a heap of poundsNEW YORK (Forex News Now) – Sterling pared losses versus the dollar on Monday, on the back of an upbeat report on the U.K. housing market and as FX traders eyed a raft of U.S. economic data.

In late European currency market trading, GBP/USD hit 1.5892, down 0.62 percent on the day, after rising from a 3-day low of 1.5838.

The Rightmove property website said earlier that U.K. property asking prices jumped “a seemingly illogical” 3 percent in October, despite a near-record number of houses for sale and increased difficulties in getting mortgages.

According to GBP USD analysis, cable was likely to touch support around the low of Oct. 12, 1.5754, and encounter resistance around Friday’s high, 1.6109.

Later in the day, the U.S. Treasury was later due to publish its closely watched Treasury International Capital report on foreign holdings of U.S. long-term securities in August. The U.S. was also due to release official data on industrial production and capacity utilization.

Elsewhere, sterling slipped a tad versus the euro: EUR/GBP traded at 0.8744, up 0.05 percent, according to intraday analysis.

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