2010.10.0605:42:00UTC+00British Pound Slides Against Majors

In early European deals on Wednesday, the British pound edged down against its major counterparts. The pound thus fell to a 2-day low against the euro and eased from near a 2-month high against the dollar and a 2-day high against the franc.

European stocks rose today on renewed hopes about the global economy.

U.K.'s benchmark FTSE 100 index is currently trading at 5,683.07 - up 47.33 points or 0.8% over its previous close.

The British pound that showed choppy trading against the Japanese yen in Asian deals on Wednesday weakened during early European session. The pound-yen pair is now worth 132.02, down from yesterday's close of 132.28. If the pound slides further, it may likely target the 131.2 level.

The pound that rose to near a 2-month high of 1.5941 against the dollar and a 2-day high of 1.5431 against the franc at 3:00 am ET Wednesday eased thereafter. As of now, the pound is worth 1.5895 against the dollar and 1.5358 against the franc. The next downside target level for the U.K. currency is seen at 1.531 against the franc and 1.578 against the dollar.

During early European deals on Wednesday, the pound declined against the euro and hit a 2-day low of 0.8726 at 3:40 am ET. On the downside, 0.874 is seen as the next target level for the U.K. currency. The euro-pound pair that closed yesterday's trading at 0.8711 is now worth 0.8720.

The Eurozone revised second quarter GDP and the German factory orders for August are expected in the upcoming hours.

The U.S. ADP employment report for September has been slated for release in the New York session.

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