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Forex - GBP/USD remains lower amid global growth concerns

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Investing.com - The pound remained lower against its U.S. counterpart on Monday, as global growth concerns persisted after data on Friday sparked fresh worries over the strength of the U.S. job market's recovery.

GBP/USD hit 1.5294 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.5303, shedding 0.26%.

Cable was likely to find support at 1.5198, Friday's low and resistance at 1.5362, Friday's high and a six-week high.

Investors remained cautious after data on Friday showed that the U.S. economy added fewer than expected jobs in March, raising doubts over the strength of the U.S. economic recovery.

The U.S. economy added 88,000 jobs last month, the smallest increase since June and far below forecasts for an increase of 200,000.

The U.S. unemployment rate ticked down to 7.6% from 7.7% in February, but the decline was due in large part to more people dropping out of the work force.

The pound was also lower against the euro with EUR/GBP rising 0.39%, to hit 0.8507.

Also Monday, official data showed that German industrial output rose 0.5% in February compared to expectations for a 0.3% increase. January's figure was revised down to a decline of 0.6% from an initial flat reading.

The report came after market research group Sentix said its index of investor confidence for the euro zone fell to minus 17.3 in April from a reading of minus 10.6 in March. Analysts had expected the index to worsen to minus 13.1 this month.

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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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