Forex News GBP/USD trading lower in early Asian trade; last 1.9935 vs 1.9972 late NY Friday; pair weighed Friday after U.K. Office for National Statistics reports largest quarterly government net borrowing in 1Q of 2008-09 financial year since records began; data deepens concerns about state of public finances as U.K. swings to sharp economic slowdown. GBP likely to be further pressured by warning from BOE MPC member David Blanchflower that economy probably already in recession, likely to contract for 3-4 quarters, in interview with Guardian newspaper's Monday edition; says risk to that view is to the downside, he'd like to the U.K. Bank rate "well below" its current 5.0%. Also says house prices could fall further, by as much as 30%, which could contribute to 1- to 2-percentage-point jump in unemployment rate. On charts, immediate support at 1.9904 (Friday's low); breach would expose downside to 1.9811 (July 14 low), then 1.9750 (July 11 low).
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