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by ForexNewsNow Team on November 29, 2010

GBP/USD remains stable as traders await Treasury report

GBP USD analysis - a pile of poundsNEW YORK (Forex News Now) – Sterling remained stable against the dollar on Monday, as FX traders awaited the HM Treasury Autumn statement in the late afternoon.

At around 9:00 A.M. GMT, GBP/USD was trading at 1.5594, down from an opening price of 1.5595.

The pound hit a high of 1.5647 in currency market trading and dipped to a low of 1.5560.

HM Treasury’s report is expected to provide a preview of the government’s budget for the coming year, including expected spending and income levels.

According to GBP/USD analysis, the cable was likely to touch immediate support around the low of Sep. 20, 1.5536, and encounter resistance around Thursday’s low of 1.5725.

Meanwhile, the currency pair remained relatively unchanged as finance ministers from Europe – including the UK – approved an 85 billion euro bailout for Ireland.

Elsewhere, the pound fell against the yen: GBP/JPY traded at 130.95, down from an open of 131.04, according to intraday analysis.

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