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Forex - GBP/USD trims losses ahead of U.K. employment data

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Forex Pros - The pound trimmed losses against the U.S. dollar on Wednesday, pulling back from a two-day low ahead of the release of U.K. data on claimant count change and the unemployment rate.

GBP/USD pulled away from 1.6329, the pair's lowest since Monday, to hit 1.6357 during early European trade, still down 0.07% on the day.

Cable was likely to find support at 1.6214, Monday's low and resistance at 1.6440, Tuesday's high and a three-day high.

Earlier Wednesday, a report showed that U.K. consumer confidence posted one of its biggest jumps on record last month.

Nationwide Building Society said its consumer confidence index rose to 55 in May from an upwardly revised 44 in April, moving further away from the all-time low of 40 hit in February.

The dollar remained supported amid concerns over Greece's sovereign debt after ratings agency Moody's placed three of Frances largest lenders under review, pending downgrades due to their exposure to Greek debt.

Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.44% to hit 0.8781.

Also Wednesday, the U.S. was to publish official data on consumer price inflation, as well as reports on foreign investment, industrial production and manufacturing activity.

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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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