The Pound declined versus the Dollar as equity markets declines following S&P credit rating cut for Portugal and Greece. CBI Realized Sales came out short with 13 versus 16 expected and BBA Mortgage Approvals came out weaker with 34.9K versus 39.3K contributing to the negative sentiment. Overall, GBP/USD traded with a low of 1.5224 and a high of 1.5476. GBP/USD is trading slightly above its 50 day moving average. If it will cross below 1.52 it would return to its long term downtrend. No economic data expected today.

GBP/USD - Last: 1.5250

Resistance

1.5295

1.5350

1.5425

Support

1.5220

1.5185

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