Investing.com - The pound edged higher against the U.S. dollar on Monday, as investors eyed a series of euro zone meetings this week, but gains were limited by dampened hopes for fresh action by the European Central Bank to cap borrowing costs.
GBP/USD hit 1.5718 during U.S. morning trade, the daily high; the pair subsequently consolidated at 1.5709, inching up 0.09%.
Cable was likely to find support at 1.5635, the low of August 16 and resistance at 1.5766, the high of July 27.
Market sentiment improved earlier, after German magazine Der Spiegel reported Sunday that the ECB may set an interest rate threshold on purchases of euro-area sovereign debt at its next policy meeting in September, beyond which its bond buying program would be activated.
Responding to the report, the EBC said it was "absolutely misleading" to report on decisions that have not yet been taken, and added that it would act "strictly within its mandate".
Meanwhile, investors were looking ahead to a series of euro zone meetings later in the week to discuss measures to ease the debt crisis.
Luxemburg Prime Minister Jean-Claude Juncker, who also heads the group of euro zone finance ministers, was to hold talks with Greek Prime Minister Antonis Samaras on Wednesday, to discuss a two-year extension of the country’s economic reform program.
Market participants were also anticipating the minutes of the Federal Reserve’s August policy meeting later in the week, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
Upbeat U.S. economic data released last week indicated that the economy may be stabilizing and tempered expectations for another round of quantitative easing by the Fed.
In the U.K., industry data showed earlier that house prices declined by 2.4% in August after a 1.7% drop the previous month.
The report came after a string of upbeat U.K. economic data last week indicated that the economy may not be performing as poorly as had been feared.
Elsewhere, the pound was higher against the euro with EUR/GBP falling 0.19%, to hit 0.7844.
Trade looked likely to remain subdued on Monday, with no significant economic data releases on the calendar, while volumes were light with many market participants on summer holidays.
GBP/USD hit 1.5718 during U.S. morning trade, the daily high; the pair subsequently consolidated at 1.5709, inching up 0.09%.
Cable was likely to find support at 1.5635, the low of August 16 and resistance at 1.5766, the high of July 27.
Market sentiment improved earlier, after German magazine Der Spiegel reported Sunday that the ECB may set an interest rate threshold on purchases of euro-area sovereign debt at its next policy meeting in September, beyond which its bond buying program would be activated.
Responding to the report, the EBC said it was "absolutely misleading" to report on decisions that have not yet been taken, and added that it would act "strictly within its mandate".
Meanwhile, investors were looking ahead to a series of euro zone meetings later in the week to discuss measures to ease the debt crisis.
Luxemburg Prime Minister Jean-Claude Juncker, who also heads the group of euro zone finance ministers, was to hold talks with Greek Prime Minister Antonis Samaras on Wednesday, to discuss a two-year extension of the country’s economic reform program.
Market participants were also anticipating the minutes of the Federal Reserve’s August policy meeting later in the week, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
Upbeat U.S. economic data released last week indicated that the economy may be stabilizing and tempered expectations for another round of quantitative easing by the Fed.
In the U.K., industry data showed earlier that house prices declined by 2.4% in August after a 1.7% drop the previous month.
The report came after a string of upbeat U.K. economic data last week indicated that the economy may not be performing as poorly as had been feared.
Elsewhere, the pound was higher against the euro with EUR/GBP falling 0.19%, to hit 0.7844.
Trade looked likely to remain subdued on Monday, with no significant economic data releases on the calendar, while volumes were light with many market participants on summer holidays.