Investing.com - The pound edged higher against the U.S. dollar on Monday, as fears over a Greek exit from the euro zone eased, after a weekend opinion poll showed growing support for pro-bailout parties ahead of next months general election.
GBP/USD hit 1.5717 during European morning trade, the pair’s highest since May 24; the pair subsequently consolidated at 1.5701, adding 0.23%.
Cable was likely to find support at 1.5629, Friday’s low and a more than two-month low and resistance at 1.5770, the high of May 23.
Investor concerns over a disorderly Greek exit from the euro exit eased after an opinion poll indicated that the conservative New Democracy party may be able to form a government following the June 17 elections, after elections in early May resulted in a political deadlock.
But market participants remained wary as concerns over the health of Spain’s banking sector persisted after the government announced Sunday that it was to recapitalize one of the country’s largest commercial lenders, Bankia.
The announcement sparked fresh fears that the rising cost of bank rescues could force Spain into seeking an international bailout.
The pound was lower against the euro, with EUR/GBP rising 0.36% to hit 0.8018.
Trade looked likely to remain quiet on Monday, with some markets in Europe closed for holidays, while markets in the U.S. were to remain closed for the Memorial Day holiday.
GBP/USD hit 1.5717 during European morning trade, the pair’s highest since May 24; the pair subsequently consolidated at 1.5701, adding 0.23%.
Cable was likely to find support at 1.5629, Friday’s low and a more than two-month low and resistance at 1.5770, the high of May 23.
Investor concerns over a disorderly Greek exit from the euro exit eased after an opinion poll indicated that the conservative New Democracy party may be able to form a government following the June 17 elections, after elections in early May resulted in a political deadlock.
But market participants remained wary as concerns over the health of Spain’s banking sector persisted after the government announced Sunday that it was to recapitalize one of the country’s largest commercial lenders, Bankia.
The announcement sparked fresh fears that the rising cost of bank rescues could force Spain into seeking an international bailout.
The pound was lower against the euro, with EUR/GBP rising 0.36% to hit 0.8018.
Trade looked likely to remain quiet on Monday, with some markets in Europe closed for holidays, while markets in the U.S. were to remain closed for the Memorial Day holiday.