pound fell to $1.9683 from $1.9697. It was poised for its biggest monthly loss in 2008 before a report that is forecast by economists to show U.K. house prices fell for a sixth month in April and also dropped the most in a week against the dollar after official data showed mortgage approvals in the U.K fell in March to the lowest level in at least nine years, prompting traders to raise bets on more interest-rate cuts.
TECH VIEW FOR THE DAY
POUND chart pattern indicates the prices to be downtrend. currency has its support at 1.9620 levels and resistance at 1.9730 levels. the trading range is expected between 1.9630-1.9725 levels for the day. stochastic indicates the currency to be on oversold position and thereby side the currency on bear note. the momentum is giving indication of the currency to be on downside for the day
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