Investing.com - The pound erased loses against the U.S. dollar on Tuesday, easing off a session low as market sentiment was lifted by hopes for a breakthrough on an agreement for a second Greek bailout.
GBP/USD bounced off 1.5789, the daily low, to hit 1.5832 during U.S. morning trade, edging up 0.07%.
Cable was likely to find support at 1.5753, the low of October 21 and resistance at 1.5860, the high of February 3.
The pound erased losses, tracking gains in the euro following reports that Greek government officials were putting together the final draft of a bailout agreement ahead of meeting between Greek Prime Minister Lucas Papademos and coalition leaders later in the day.
Greece needs to reach a consensus on the terms of the bailout in order to secure the rescue package and avert a default when a EUR14.5 billion bond repayment comes due on March 20.
Eurogroup President Jean-Claude Juncker said earlier that he was confident Greece would remain in the single currency bloc, provided that the country fulfilled its obligations to other bloc members.
In the U.K., a report by the British Retail Consortium showed earlier that retail sales fell 0.3% on the year in January, after a 2.2% jump the previous month, as shoppers cut back on spending after heavy discounts boosted sales in the run up to Christmas.
Elsewhere, the pound was sharply lower against the euro with EUR/GBP climbing 0.58%, to hit 0.8346.
Also Tuesday, Federal Reserve Chairman Ben Bernanke was testifying on the economic outlook and federal budget situation before the Senate Budget Committee in Washington.
GBP/USD bounced off 1.5789, the daily low, to hit 1.5832 during U.S. morning trade, edging up 0.07%.
Cable was likely to find support at 1.5753, the low of October 21 and resistance at 1.5860, the high of February 3.
The pound erased losses, tracking gains in the euro following reports that Greek government officials were putting together the final draft of a bailout agreement ahead of meeting between Greek Prime Minister Lucas Papademos and coalition leaders later in the day.
Greece needs to reach a consensus on the terms of the bailout in order to secure the rescue package and avert a default when a EUR14.5 billion bond repayment comes due on March 20.
Eurogroup President Jean-Claude Juncker said earlier that he was confident Greece would remain in the single currency bloc, provided that the country fulfilled its obligations to other bloc members.
In the U.K., a report by the British Retail Consortium showed earlier that retail sales fell 0.3% on the year in January, after a 2.2% jump the previous month, as shoppers cut back on spending after heavy discounts boosted sales in the run up to Christmas.
Elsewhere, the pound was sharply lower against the euro with EUR/GBP climbing 0.58%, to hit 0.8346.
Also Tuesday, Federal Reserve Chairman Ben Bernanke was testifying on the economic outlook and federal budget situation before the Senate Budget Committee in Washington.