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by ForexNewsNow Team on November 25th, 2010

GBP/USD makes modest gains as U.S. observes Thanksgiving

NEW YORK (Forex News Now) – The pound rose against the greenback on Thursday, as trading slowed down while Americans observed the annual Thanksgiving holiday.

In early currency market trading, GBP/USD rose to 1.5787, up 0.102 percent on the day from an opening price of 1.5771.

Trading took place amid the backdrop of the continuing euro zone debt crisis, which threatened to spill over from Ireland to Portugal and even Spain, even after Ireland unveiled its austerity plan.

According to GBP/USD analysis, cable was likely to touch key support around the low of October 25, 1.5663, and to encounter strong resistance around yesterday’s high of 1.5838.

The pound’s gain also came as FX traders awaited testimony from Bank of England Governor Mervyn King on a number of key issues, namely inflation and financial regulation.

Elsewhere, the pound also rose slightly against the yen: GBP/JPY traded at 131.80, up 0.05 percent, according to intraday analysis.

By ForexNewsNow Team

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