Forex Analysis
by ForexNewsNow Team on October 27th, 2010

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

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.

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