Friday, February 15, 2013

Forex - GBP/USD extends losses on U.K., E.Z. worries - The pound extended losses against the U.S. dollar on Thursday, trading close to a seven-month low as concerns over the outllook for growth in the U.K. and the euro zone continued to weigh, despite upbeat U.S. jobless claims data. 

GBP/USD hit 1.5483 during U.S. morning trade, the pair's lowest since July 26; the pair subsequently consolidated at 1.5525, slipping 0.13%. 

Cable was likely to find support 1.5471, the low of July 26 and resistance at 1.5542, the session high. 

Sterling remained under pressure after the Bank of England cut its outlook for growth on Wednesday and said inflation would remain above target until early 2016. 

The BoE said that inflation is likely to be at around 2.3% in two years’ time, sharply higher than the 1.8% forecast in November, before falling back below the bank’s 2% target in the first quarter of 2016.,-e.z.-worries-244304

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