Forexpros – The pound was down against the U.S. dollar on Wednesday, falling to a daily low ahead of the release of the minutes of the Bank of England’s July policy setting meeting.
GBP/USD hit 1.6070 during early European trade, the daily low; the pair subsequently consolidated at 1.6075, shedding 0.3%.
Cable was likely to find support at 1.5904, the low of July 13 and resistance at 1.6177, Tuesday’s high.
BoE policymakers kept rates unchanged at a record low of 0.5% after their meeting in July, in a widely expected decision.
The minutes of the central bank’s June policy meeting showed that monetary policy committee members believed the growth outlook had weakened and some believed additional monetary stimulus may be needed.
The pound was also lower against the euro, with EUR/GBP rising 0.43% to hit 0.8817.
On Tuesday, U.S. President Barack Obama said there had been “some progress” in talks with lawmakers on raising the USD14.3 trillion U.S. debt limit, boosting optimism that a deal would be reached before the August 2 deadline.
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