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Forex - GBP/USD trims losses after second Greek vote passes

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Forexpros - The pound trimmed losses against the U.S. dollar on Thursday, after Greece's parliament voted to accept a second austerity law, removing a final hurdle to receiving the next tranche of aid from international lenders.

GBP/USD pulled back from 1.5974, the daily low, to hit 1.6022 during early U.S. trade, still down 0.24% on the day.

Cable was likely to find support at 1.5910, Tuesday's low and a five-month low and resistance at 1.6262, the high of June 22.

Greece's parliament passed a vote on the implementation of different parts of the EUR28.4 billion, five-year austerity package approved in Wednesday's vote, such as tax rises and the sale of state assets.

But the pound remained subdued after Bank of England Governor Mervyn King played down prospects for an imminent rate increase earlier in the week, amid speculation that that bank may resort to further quantitative easing.

Earlier in the day, reports showed that consumer confidence in the U.K. fell in June, while U.K. house prices were flat.

The pound was also lower against the euro, with EUR/GBP climbing 0.61% to hit 0.9043.

Also Thursday, the U.S. Labor Department said first time jobless claims declined by 1K to 428K last week. Analysts expected a decline to 420K.

A separate report showed that manufacturing activity in the Chicago area rose unexpectedly in June, posting 21 consecutive months of growth.

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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.

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