Investing.com - The pound slid against the dollar on Wednesday
as investors flocked to the safety of the greenback after the IMF
cut its global growth forecast.
Disappointing U.K. unemployment numbers also pushed Cable down.
In U.S. trading on Wednesday, GBP/USD was trading at 1.5239, down
0.81%, up from a session low of 1.5217 and off from a high of
The pair was likely to find support at 1.5028, the low from March
20, and resistance at 1.5385, Monday's high.
The IMF announced earlier that it trimmed its 2013 world economic
growth forecast to 3.3%, down from a January projection of 3.5%,
while the multilateral lending institution's 2014 growth forecast
fell to 4.0% from 4.1%.
The news sent investors seeking safety in liquid greenback
positions as did softer-than-expected U.K. jobs data.
Official data showed the U.K. unemployment rate unexpectedly rose
to 7.9% in March from 7.8% in February.
Analysts were expecting the unemployment rate to remain unchanged.
Average U.K. earnings rose by 0.8% year-on-year in the three months
to February, below expectations for a 1.2% increase.
The number of people seeking unemployment benefits fell by 7,000 in
March compared to expectations for an increase of 500.
Meanwhile, the minutes of the Bank of England's April meeting
showed that policymakers remained divided over the need for further
The pound, meanwhile, was up against the euro and down against the
yen, with EUR/GBP trading down 0.30% at 0.8550 and GBP/JPY down
0.22% at 149.53.
On Thursday, the U.S. is to release the weekly government report on
initial jobless claims as well as data on manufacturing activity in
The U.K. is to publish official data on retail sales.
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