Investing.com - The pound pushed higher against the dollar on Monday after weekend talks in Washington failed to resolve a political impasse over the U.S budget and debt ceiling, ahead of a deadline to avert a U.S. debt default.
GBP/USD hit 1.5989 during European morning trade, the session high; the pair subsequently consolidated at 1.5977, gaining 0.20%.
Cable was likely to find support at 1.5922, Friday’s low and resistance at 1.6070, the high of September 23.
Over the weekend, President Barack Obama rejected Republican proposals for a short-term debt ceiling increase, fuelling concerns that a deal to raise the government borrowing limit would not be struck ahead of Thursday’s deadline to avert an unprecedented U.S. sovereign debt default.
World finance ministers and central bank heads in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock, warning of the negative impact on the global economic recovery.
Market sentiment was also hit after Chinese trade data over the weekend showed that exports unexpectedly slowed in September, sparking renewed concerns over the outlook for global demand.
Elsewhere, sterling was almost unchanged against the euro, with EUR/GBP dipping 0.04% to 0.8486.
The euro zone was to release data on industrial production later in the trading day.
GBP/USD hit 1.5989 during European morning trade, the session high; the pair subsequently consolidated at 1.5977, gaining 0.20%.
Cable was likely to find support at 1.5922, Friday’s low and resistance at 1.6070, the high of September 23.
Over the weekend, President Barack Obama rejected Republican proposals for a short-term debt ceiling increase, fuelling concerns that a deal to raise the government borrowing limit would not be struck ahead of Thursday’s deadline to avert an unprecedented U.S. sovereign debt default.
World finance ministers and central bank heads in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock, warning of the negative impact on the global economic recovery.
Market sentiment was also hit after Chinese trade data over the weekend showed that exports unexpectedly slowed in September, sparking renewed concerns over the outlook for global demand.
Elsewhere, sterling was almost unchanged against the euro, with EUR/GBP dipping 0.04% to 0.8486.
The euro zone was to release data on industrial production later in the trading day.