GBP/USD pares losses after Bean remarks on U.K. growth

ForexNewsNow | Published on October 27, 2010 at 8:32 am

Forex broker reviews

GBP USD analysis - Charles BeanNEW YORK (Forex News Now) – Sterling pared losses against the U.S. dollar on Wednesday, after Bank of England Deputy Governor Charles Bean described Britain’s growth in the third quarter as surprising strong.

In European afternoon currency market trading, GBP/USD hit 1.5826, down 0.11 percent on the day, after rising from a daily low of 1.5758.

“The last two quarters have been somewhat stronger than one might have expected,” Reuters quoted Bean as saying at an event in London.

According to GBP USD analysis, cable was likely to touch support around the low of Oct. 20, 1.565, and encounter resistance around the high of Oct. 15, 1.6107.

Sterling’s gains came ahead of a key report on U.S. durable goods orders, a leading indicator of production. FX traders, meanwhile, also awaited a report on new U.S. home sales.

Elsewhere, sterling rose versus the euro: EUR/GBP traded at 0.872, down 0.29 percent, according to intraday analysis.

Comments

Subscribe

Sign up for our Newsletter

Top Forex Brokers

CySEC/FSA Regulated
$5 Min. Deposit
5 Trading Platforms
$2000 Deposit Bonus
No Commissions
Multilanguage Support
US traders accepted
Intuitive trading platform
Free no deposit bonus
Mobile trading

Binary Options Video