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by ForexNewsNow Team on September 29, 2010

GBP USD analysis: Pound falls as U.K. consumer morale data eyed

GBP USD analysis - a pile of poundsNEW YORK (Forex News Now) – The pound fell against the dollar on Wednesday, extending its decline into a third day, as FX traders awaited a report on U.K. consumer morale.

In late U.S. currency market trading, GBP/USD hit 1.5781, down 0.13 percent on the day.

Later in the day, the Gfk market research group was to publish monthly data on confidence among British consumers, a leading indicator of consumer spending.

According to GBP USD analysis, cable was likely to touch support around the low of Sept. 21, 1.5504, and encounter immediate resistance around the high of Aug. 11, 1.586.

Sterling’s losses also came amid expectations of further monetary easing from the Federal Reserve after disappointing U.S. data. Speculation over additional measures by the Fed to tackle the sluggish U.S. economy also sent gold prices to record highs in Europe

Elsewhere, the pound dropped versus the euro: EUR/GBP traded at 0.8639, up 0.5 percent, according to intraday analysis.

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