Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

Top Stories
by ForexNewsNow Team on July 8, 2010

GBP/USD pares losses after IMF raises global forecast

NEW YORK (Forex News Now) – Sterling pared earlier losses against the dollar on Thursday after the International Monetary Fund raised its growth forecast for the global economy this year.

In early Asian currency trading, GBP/USD traded at 1.5161, after rising from 1.5102, the daily low.

In a report, the IMF said earlier that the world economy is recovering faster than expected; however, the organization warned that Europe must still deal with its debt crisis and keep it from infecting other regions of the world.

Deposit and trade with Markets.com and get 2 pip spreads on EUR/USD and a 30% bonus. 

Olivier Blanchard, the organization’s chief economist, said: “While we predict the recovery will continue, it is clear that downside risks have risen sharply.”

According to forex analysis, GBP/USD is likely to touch immediate support around the low of June 29, 0.8067, and encounter resistance around the high of June 1, 0.8474.

The pound’s earlier losses came after industry data showed that U.K. house prices fell unexpectedly for the third straight month in June, as the housing market recovery showed further signs of faltering.

The report by the Halifax building society was followed by data from the U.K. statistics bureau, which showed that British manufacturing production grew at a slower-than-forecast pace in May.


For more exclusive forex broker reviews, follow us on Twitter or join us on Facebook.

Comments (0 comment(s))