Tuesday, 30 August 2016

Forex - GBP/USD slips lower after downbeat U.K. data

The pound slipped lower agains the U.S. dollar on Tuesday, re-approaching a one-week trough after the release of downbeat U.K. data and as expectations for a U.S. rate hike before the end of the year continued to support the greenback.

GBP/USD hit 1.3060 during European morning trade, the session low the pair subsequently consolidated at 1.3068, shedding 0.28%.

Cable was likely to find support at 1.2871, the low of August 18 and resistance at 1.3280, the high of August 26.

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The Bank of England earlier reported that net lending to individuals increased by £3.8 billion in July, compared to expectations for a £4.9 billion rise. Net lending to individuals increased by £5.1 billion in June, whose figure was revised from a previously estimated gain of £5.2 billion.

Meanwhile, the greenback remained broadly supported after Federal Reserve Chair Janet Yellen said at the Jackson Hole symposium on Friday that the case for U.S. interest rate hikes has “strengthened” in recent months due to improvements in the labor market and to expectations for solid economic growth.

However, she did not indicate when the Fed would act, saying that higher interest rates will depend on incoming economic data.

Speaking shortly afterwards, Fed Vice Chair Stanley Fischer said Yellen’s speech was “consistent” with expectations for possibly two more rate hikes this year, opening the door to a September hike.
Sterling was also lower against the euro, with EUR/GBP adding 0.11% to 0.8547.

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