COZforex: The pound held steady against the US dollar on Thursday, after the release of mixed US economic reports and as the Bank of England kept its monetary policy unchanged in a widely anticipated decision.

GBP/USD hit 1.6750 amid US morning trade, the pair's highest since March 3; the pair subsequently consolidated at 1.6732, easing up 0.06%. COZforex foreign currency senior currency strategist, Paul Chew said, GBP/USD is predicted to find support at 1.6663 and a drop through could take it to the next support line of 1.6616. Meanwhile, the pair is predicted to find its first resistance at 1.6750, and a rise through could take it to the next resistance line of 1.6790.

The US Department of Labor said the number of individuals filing for initial jobless benefits fell by 26,000 last week to a seasonally adjusted 323,000 from the previous week’s revised total of 349,000.

Analysts had expected jobless claims to drop by 11,000 to 338,000 last week. A separate report showed that US factory orders fell by 0.7% in January, compared to forecasts for a 0.4% decline.

Market players were looking ahead to Friday’s highly-anticipated nonfarm payrolls report for February, after job growth came in below expectations in December and January.

Earlier Thursday, the BoE voted to leave UK interest rates unchanged at their record low of 0.5%, and also left its quantitative easing program steady at 375 billion pounds.


(COZ forex UK)