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by ForexNewsNow Team on July 12, 2010

Dollar consolidates gains vs pound after U.K. housing report

NEW YORK (Forex News Now) – The dollar rose against the pound on Monday (GMT), consolidating its earlier gains in the wake of a disappointing report on the U.K. housing market.

In early Asian currency trading, GBP/USD traded at 1.5026, after falling from 1.5086, the daily high.

A survey from the Royal Institution of Chartered Surveyors (Rics) showed earlier in the day that U.K. house prices rose 9 percent during June, after jumping a revised 21 percent in May.

Analysts had expected brisker growth of 20 percent in June, two major financial news outlets reported.

According to forex analysis, GBP/USD is likely to touch immediate support around the low of June 23, 1.4802, and encounter resistance around Thursday’s high, 1.5241.

Sterling’s earlier losses came after a warning from Standard & Poor’s over Britain’s AAA long-term credit rating and disappointing data on the U.K. current account deficit.


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