British Pound (GBP), Daily Review, August 24th 2010

24 August 2010 @ 06:27 am EDT

The Pound was near the lowest level against the dollar in almost four weeks as a quarterly gauge of business confidence weakened, further stoking fears that the economic recovery may be slowing. The GBP/USD continues with its stable trend. The next support on the daily chart is at 1.5480 and if the price breaks this level, a short position is preferred. Overall, GBP/USD traded with a low of 1.5499 and with a high of 1.5619. Today, BBA Mortgage Approvals are expected at 35.3K vs. 34.8K prior.

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