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Forex - GBP/USD almost unchanged, near 8-month lows

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Investing.com -

Investing.com - The pound was almost unchanged against the U.S. dollar on Monday, hovering close to an eight-month low as sentiment on the greenback remained supported by the Federal Reserve's most recent policy decision.

Trading volumes were expected to remain limited ahead of the Christmas Holiday.

GBP/USD hit 1.4892 during European morning trade, the session low; the pair subsequently consolidated at 1.4899.

Cable was likely to find support at 1.4861, the low of December 17 and an eight-month low and resistance at 1.5003, the high of December 17.

The dollar rallied againt the pound last week after the Fed hiked interest rates by a quarter of a percentage point to a range between 0.25% and 0.5% in a widely expected move.

Commenting on the decision, Fed Chair Janet Yellen said the FOMC will not be mechanical in its approach to normalize monetary policy and that future rate hikes would be gradual and data dependent.

Separately, markets remained jittery after crude oil prices fell to 34.29$ on Friday, the lowest level since 2004, amid renewed worries over a global supply glut.

Sterling was fractionnaly higher against the euro, with EUR/GBP easing 0.09% to 0.7288.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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