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Forex News: Pound Slides Amid U.K. Political Uncertainty

Pound Slides Amid U.K. Political Uncertainty

08/31/2017 - 05:29:00 (RTTNews)

(RTTNews) - The British pound weakened against other major currencies in the early European session on Thursday, as traders remain cautious over the slow progress of Brexit negotiation talks.

The currency started falling since June after U.K. Prime Minister Theresa May's Conservative Party had a poor performance in the June snap elections.

Meanwhile, the currency dropped after the Bank of England policy maker Michael Saunders said the central bank should raise interest rates now. In the Asian trading, the pound held steady against its major rivals.

In the Asian trading, the pound fell to 1.2892 against the U.S. dollar, from an early high of 1.2930. On the downside, 1.27 is seen as the next support level for the pound.

Against the euro, the Swiss franc and the yen, the pound dropped to 0.9222, 0.9222 and 142.42 from an early 8-day high of 0.9186, a 10-day high of 1.2462 and more than a 2-week high of 142.90, respectively. If the pound extends its downtrend, it is likely to find support around 0.94 against the euro, 1.22 against the franc and 140.00 against the yen.

Looking ahead, Canada GDP data for June, U.S. personal income and spending data for July, U.S. weekly jobless claims for the week ended August 26 and U.S. pending home sales data for July are slated for release in the new York session.

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