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Forex - GBP/USD lower ahead of Italian bond auction

Published 11/14/2011, 04:06 AM
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EUR/GBP
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Investing.com - The pound was down against the U.S. dollar on Monday, as investors remained concerned about Italy's debt crisis, ahead of an Italian government bond auction later in the day.

GBP/USD hit 1.6018 during early European trade, the daily low; the pair subsequently consolidated at 1.5990, shedding 0.47%.

Cable was likely to find support at 1.5945, the low of November 4 and resistance at 1.6165, the high of October 31.

The pound came under pressure as markets eyed a EUR3 billion Italian 5-year bond auction, later in the day.

Over the weekend, Italy's President Giorgio Napolitano appointed Mario Monti to head a new government charged with implementing urgent reforms to end a crisis that has endangered the whole euro zone.

Monti, a former European Union competition commissioner, said he would name his Cabinet "with urgency." Monti must present the names of his Cabinet ministers to Italy’s president before he can be sworn in.

Elsewhere, the pound was also down against the euro with EUR/GBP rising 0.29%, to trade at 0.8585.

Also Monday, Greece’s finance minister said his priority was to ensure the country receives its sixth tranche of bailout funds after Prime Minister Lucas Papademos was sworn in.

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