Investing.com - The pound edged lower against the U.S. dollar on Tuesday, as concerns over Spain’s financial woes weakened sentiment while Monday’s U.S. data continued to weigh on the greenback, ahead of a report on U.K. manufacturing activity.
GBP/USD hit 1.6213 during European morning trade, the daily low; the pair subsequently consolidated at 1.6218, edging down 0.11%.
Cable was likely to find support at 1.6157, the low of April 26 and resistance at 1.6300, Monday’s high and an eight-month high.
Market sentiment waned as data on Monday confirming that Spain’s economy entered a recession in the first quarter sparked fresh fears that austerity measures could impair economic growth in the euro zone.
Investors were also jittery ahead of weekend elections in Greece and France and the European Central Bank’s policy meeting on Thursday.
But sentiment on the dollar remained soft after U.S. data on Monday showed that manufacturing activity in the Chicago area slowed significantly more-than-expected in April, while a separate report showed that consumer spending slowed last month.
The pound was also lower against the euro with EUR/GBP rising 0.28%, to hit 0.8176.
Later in the day, the U.K. was to publish a report on manufacturing activity.
The U.S. was also to release a closely watched report by Institute for Supply Management on manufacturing activity.
GBP/USD hit 1.6213 during European morning trade, the daily low; the pair subsequently consolidated at 1.6218, edging down 0.11%.
Cable was likely to find support at 1.6157, the low of April 26 and resistance at 1.6300, Monday’s high and an eight-month high.
Market sentiment waned as data on Monday confirming that Spain’s economy entered a recession in the first quarter sparked fresh fears that austerity measures could impair economic growth in the euro zone.
Investors were also jittery ahead of weekend elections in Greece and France and the European Central Bank’s policy meeting on Thursday.
But sentiment on the dollar remained soft after U.S. data on Monday showed that manufacturing activity in the Chicago area slowed significantly more-than-expected in April, while a separate report showed that consumer spending slowed last month.
The pound was also lower against the euro with EUR/GBP rising 0.28%, to hit 0.8176.
Later in the day, the U.K. was to publish a report on manufacturing activity.
The U.S. was also to release a closely watched report by Institute for Supply Management on manufacturing activity.