FRX: Pound down vs. dollar as U.K. services sector data eyed
Forex Pros – The pound slipped against the U.S. dollar on Monday, ahead of the release of key data on the British services sector.
GBP/USD hit 1.5165 during European morning trade, a daily low; the pair subsequently consolidated at 1.5176, shedding 0.18%.
Cable was likely to find support at 1.5011, the low of June 29 and resistance at 1.5344, the high of April 29.
Later in the day, Britain was set to release a key services industry index. Earlier Monday, the results of a survey of chief financial officers at major U.K. companies by consulting firm Deloitte showed than business confidence had fallen to a 12-month low.
Deloitte Chief Economist Ian Stewart said “The latest CFO survey paints a picture of concern about growth".
The pound was also down against the euro, with EUR/GBP rising 0.06% to hit 0.8265.
Later in the day, the euro zone was to publish data on retail sales and a key report on investor confidence. The euro zone was also to publish data on business sentiment in the region. Meanwhile banks in the U.S. remained closed for a holiday.
