GBP/USD remains stable as traders await Treasury report

NEW 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.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.